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Putin to Chair $22 Bln Russian Crisis Funding Meeting | ASHARQ AL-AWSAT English Archive 2005 -2017
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Russian President Vladimir Putin

Russian President Vladimir Putin

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)