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News // Russia

How To Spend Lots of Billions: Russia

15 November 2004 , 11:23379
Russian government now is in difficult situation ? the officials are arguing over how to use a mint of money, gained due to record high oil prices this year.
They met at a round table to discuss many proposals, suggested by ministries and other agencies.

Alexei Savatyugin, a finance ministry official, said that were different proposals from cultural projects like work on museums to investment in the agriculture or energy sectors, purchase of new military hardware and completion of a new hydroelectric plant in Tajikistan.

The fund, expected by year's end to total 574 billion rubles (US$19.7 billion) - more than three percent of Russia's gross domestic product - was created at the start of the year as a precaution against a sudden drop in oil prices and to help offset inflationary effects of high oil prices.

Energy Minister Viktor Khristenko has proposed to spend a part of the money to build a new oil pipeline to the Asia-Pacific region, while Economy Minister German Gref has called for spending it to develop Russia's transport network to make the country more competitive.

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