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Russia will burn through wealth funds in 3 years without cuts, minister warns

Monday, December 29, 2014 - 05:50
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Mr Siluanov has called for the reshuffling and restructuring of infrastructure and education spending.

Moscow

RUSSIA, poised to enter a recession, will burn through its rainy day funds in three years if the government does not change the budget structure, according to Finance Minister Anton Siluanov.

With oil prices at US$60 a barrel, Russia's economy may contract about 4 per cent