Russian President Vladimir Putin
Russian President Vladimir Putin is to chair, on Wednesday, a government meeting over a plan that is worth 1.7 trillion rouble ($22 billion) aiming at protecting the Russian economy from major economic crises, according to a report by the RBC daily newspaper, citing government sources.
At least 737 billion roubles were included in a contingency plan sent to Prime Minister Dmitry Medvedev, the report said.
The Russian economy, which relies heavily on energy exports, contracted by 3.8 percent in the fourth quarter of last year, primarily as a result of the falling price of oil amid the existing oversupply crisis.
The economy is expected to shrink by 0.8 percent in 2016.
Measures to buttress the afflicted economy are aimed at structural repair and investment climate enhancement, in addition to supporting the regions and ensuring social stability, the newspaper said.
Regarding the funds for financing, they will be taken from Russia’s federal budget and an anti-crisis fund, the report further said. The highest spending, to the tune of 310 billion roubles, was allocated for loans to the regions.
($1 = 78.8990 roubles)
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Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.
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