US budget deficit reaches $291b in July    Egypt, Saudi Arabia reject Israeli plan to occupy Gaza    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egypt adds automotive feeder, non-local industries to list of 28 promising sectors    Egypt, Jordan to activate MOUs in health, industrial zones, SMEs    27 Western countries issue joint call for unimpeded aid access to Gaza    Egypt's Sports Minister unveils national youth and sports strategy for 2025-2032    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Trump orders homeless out of DC, deploys federal agents and prepares National Guard    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Egyptian Journalist Mohamed Abdel Galil Joins Golden Globe Voting Committee    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Russia to spend $35bn on Economy Plan
Published in Amwal Al Ghad on 29 - 01 - 2015

The Russian government is to spend at least 2.34 trillion roubles ($35bn, £23bn) to try to stave off an economic crisis, following a collapse in oil prices and the value of the rouble.
The country has also been subject to economic sanctions by the West over its involvement in the crisis in Ukraine.
Russia will spend most of the cash on federal loans, pensions and recapitalising its banks.
The country will also make public spending cuts.
Over the next three years most spending, apart military and social programmes, will be hit.
Earlier this month, the International Monetary Fund forecast that Russia's economy will contract by 3% this year and 1% in 2016.
Measures
Russia's government will spend about one trillion roubles to recapitalise banks through the issue of government bonds.
The plan includes a separate scheme to help recapitalise some banks with 250bn roubles, while 300bn roubles will be provided to Vnesheconombank, the state development bank.
There will be an extra 200bn roubles in state guarantees to finance investment projects, and regional governments will get 160bn roubles in federal loans.
Meanwhile, the government has proposed public spending cuts of 10% this year and 5% over the next two years.
The cuts have yet to be approved by the Russian parliament.
Source: BBC News


Clic here to read the story from its source.