Report: 10% costs cut to give Russian budget 512 bln rbl – min

MOSCOW, Jan 18 (PRIME) -- A 10% reduction of spending will give the Russian budget additional 512 billion rubles in 2016, Finance Minister Anton Siluanov told in an interview with Russia-1 television channel on January 17.

Siluanov said earlier in January that the government already made a decision to cut budget spending by 10% this year.

The government is considering selling a 19.5% stake in oil major Rosneft as a way to replenish budget income, the minister also said.

The government will have to allocate additional funds from the budget to increase social payments in 2016, Siluanov said.

Siluanov also told NTV television channel that he did not expect cardinal changes of the Russian ruble rate.

(76.5650 rubles – U.S. $1)

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