The Russian prime minister urged government agencies to keep inflation in check after the cabinet approved Thursday a bill to increase budget spending in 2005

Saturday, January 16, 2021

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"We should take additional measures to stick to the set [budget] parameters considering the substantial increase in budget spending," Mikhail Fradkov said, adding the ministers should make sure that the funds were not misused. Government ministers repeatedly said inflation would not exceed the target of 10% this year. Additional budget spending will be 124.7 billion rubles ($4.3 billion) higher than originally projected by the 2005 budget. Finance Minister Alexei Kudrin said Wednesday the money would be spent partially on compensating some state agencies, including the Defense and Interior Ministries, for fuel price hikes, though he did not name the sum. An equivalent of $525 million will be allocated to Russian regions to pay for the utilities' services and prepare for the 2005-06 heating season. Another $1.31 billion will go to increase the fixed capital of Vneshtorgbank, Russia's state-owned bank that services Russia's foreign trade, to buy out the Central Bank's share in Russian banks operating abroad. The 2005 budget will earmark an additional $420 million for road construction, and $210 million for the fixed capital of the new Russia-Kazakhstan bank to be based in Kazakhstan

Print The Russian prime minister urged government agencies to keep inflation in check after the cabinet approved Thursday a bill to increase budget spending in 2005

Bookmark The Russian prime minister urged government agencies to keep inflation in check after the cabinet approved Thursday a bill to increase budget spending in 2005