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No need for considerable budget cuts — First Vice-Premier Igor Shuvalov

September 10, 2014, 16:16 UTC+3 MOSCOW MOSCOW September, 10. /ITAR-TASS

It is irresponsible to talk about sharp reduction of all budget expenditures, he says

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MOSCOW, September 10. /ITAR-TASS/. The government sees no need for considerable budget cuts, First Vice-Premier Igor Shuvalov, who currently heads a government commission for budget spending optimization, told ITAR-TASS.

“Nothing dramatic is seen. Our economy is not curtailed. It just does not grow as we would like," he said. "We are in the situation when economic growth is insignificant, but there is nothing for hasty moves and global reductions.”

The main aim of the commission work is to see what expenditures may be given up in 2016-2017, and for what purposes saved money may be used. “Not only to reduce, but optimize,” the vice premier said.

“It is a budget audit” to be conducted by the Finance Ministry and the Economic Development Ministry.

It is irresponsible to talk about sharp reduction of all budget expenditures, he said, but specific spendings must be considered to determine where costs are too high, where technical decisions may be changed to lower costs, and what projects should be abandoned or postponed till 2019, the vice-premier said.

The Economic Development Ministry submitted a corrected economic development forecast to the government in early September. Taking into consideration the new forecast and increased budget financing needs in connection with the embargo on imports from the EU, the US, Canada and Norway, the Finance Ministry is recalculating the main federal budget parameters for 2015-2017.

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