Russian national projects scaled back

RUSSIA / FSU POLITICS - In Brief 04 May 2020 by Alex Teddy
On May 3 Putin's spokesman announced that national projects will be reduced. This is due to coronavirus. The national projects were begun in 2018. These infrastructure works were due to cost USD 400 billion. They were falling behind schedule before coronavirus appeared. The projects will continue but some aspects will be scrapped. The details have not been revealed. The Russian economy is going to fall by at least 5% in 2020 - said the IMF. The budget needs an oil price of USD 42 pb to break even. Most Russian oil is selling at USD 21 pb.The government is getting less revenue but has to spend more to support businesses.

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