Russia: Finance minister issues warning
Alexei Kudrin, Russian finance minister, warned that spending more of the government’s $7 billion stabilization fund would damage the Russian economy. Kudrin, speaking at the Renaissance Capital conference in Moscow, said the government would spend about R10 billion from the fund next year on state salaries and pensions. But he said: “This is already a very serious step forward.” He warned against further spending, which much of the Russian cabinet is in favour of, because it would aggravate inflation.
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