Audit Chamber: Russia’s 2016 budget needs no 5% cut

MOSCOW, Dec 15 (PRIME) -- Russia’s 2016 budget does not require any sequesters like the Finance Ministry suggests, Audit Chamber’s Director Tatyana Golikova told reporters Tuesday.

“Another 5% sequester through the whole (budget) is destructive, and the year 2015 has showed us that. There is no such need,” Golikova said.

On December 11, Vedomosti business daily reported that the Finance Ministry suggested the 5% budget sequester in 2016 to minimize risks of revenue shortfall due to low oil prices. The ministry also proposed to increase privatization incomes to 1 trillion rubles, cut subsidies and appropriations and freeze capital investments in facilities whose construction is to be launched in 2016.

(70.2244 rubles – U.S. $1)

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