Russia will burn through wealth funds in 3 years without cuts, minister warns
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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 next year and have a budget deficit of more than 3 per cent of output, Mr Siluanov told reporters in Moscow on Saturday. The ministry will use these estimates and an exchange rate of 51 roubles per US dollar to review the 2015 budget.
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