Russia has designated 10 trillion rubles (about 340 billion U.S. dollars), which is comparable to the country's annual budget, to cope with the impact of the global economic crisis, Prime Minister Vladimir Putin said on Monday.
The anti-crisis package, which almost doubled the amount of the state's overall reserves, will come from the federal budget, the Central Bank and reserve funds, a statement of the government said, echoing Putin's remarks at a cabinet meeting.
The government will provide 92 billion rubles (some 3 billion U.S. dollars) from the federal budget in financial assistance to the so-called core enterprises, and up to 200 billion rubles (about 7 billion U.S. dollars) worth in state guarantees, said the statement.
A total of 295 companies, ranging from transport, energy, oil and gas, communications to media and other sectors, will get state support, according to a list issued by the government last Thursday.
Putin said that the government is cutting gold and currency reserves to prevent a sharp fall of the ruble, noting that his country's gross domestic product (GDP) will grow six percent this year and inflation will be approximately 13.5 percent.
Russian Finance Minister Alexei Kudrin said on Saturday the country would have a budget deficit of 1.5 trillion to 2.5 trillion rubles (50 billion to 83 billion U.S. dollars) next year, which accounts for almost six percent of the country's GDP.
Source:Xinhua
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