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Russian Prime Minister Mikhail Fradkov refuted Friday the finance minister's criticism of the Cabinet's policy
Russian Prime Minister Mikhail Fradkov refuted Friday the finance minister's criticism of the Cabinet's policy. "[Finance Minister Alexei] Kudrin said he did not agree with the government's policy. He meant excessive budget spending on the electric energy sector, which is necessary and has nothing to do with inflation," Fradkov said during a session of the Council on Competitiveness and Entrepreneurship. Kudrin accused the government at a news conference Thursday of having a weak financial policy that fuelled inflation. He criticized such measures as raising the oil cutoff price for the Stabilization Fund, set up to accrue windfall profits from high world-oil prices in order to offset oil-price volatility and to protect the Russian economy against inflation, increasing budget spending by 350 billion rubles ($12 billion) and reducing the VAT to 13%.
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