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Russia’s Economic Development Ministry opposes cutting measures to prop up economy

February 20, 9:44 UTC+3
On February 18, the Russian government once again postponed development of the plan of economic support for 2016, with items requiring additional budget financing being discussed most of all
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At an abandoned factory in Russia's Ivanovo Region

At an abandoned factory in Russia's Ivanovo Region

© ITAR-TASS/Vladimir Smirnov

KRASNOYARSK, February 20. /TASS/. Russia’s Economic Development Ministry says the measures to prop up the economy should not be cut, Deputy Minister Oleg Fomichev said at the Krasnoyarsk Economic Forum Saturday.

"We don’t think it’s necessary to exclude anything from the [economic support - TASS] plan," he said.

On February 18, the Russian government once again postponed development of the plan of economic support for 2016, with items requiring additional budget financing being discussed most of all.

The measures to prop up Russian economy are worth a total of 880 bln rubles ($11.3 bln).

Unlike the anti-crisis plan developed by the government in 2015 the plan of economic support mainly implies long-term efforts to drive economic growth instead of putting up capital in banks and enterprises.

The necessity to form the plan was urged by Russia’s economic recession due to plunging oil prices.

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