Russia’s FINANCIAL CRISIS: Moscow launches desperate austerity programme
RUSSIA has revealed a dramatic austerity programme in a desperate bid to shore up the economy and quell public anger, amid the country’s worst financial disaster in years.
By LANA CLEMENTS
Express.co.uk
Mon, Oct 31, 2016
Moscow is set to slash government spending and undergo a huge state sell-off in the hope of plugging budget black holes, after low oil prices and economic sanctions have plunged the country into crisis.
Households have seen living conditions dive, amid falling income, soaring inflation and a painful recession that has lasted nearly two years.
The Kremlin now plans to axe defence spending by more than a quarter next year, while cash for health and education is set to fall to its lowest level since 2006, according to a draft budget put together by the government.
And in a bid to boost government cash reserves, Moscow wants to ramp up oil production – pumping record amounts next year.
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