Title : Russia Set To Cut Military Spending Next Year In Favor Of Boosting The National Economy
link : Russia Set To Cut Military Spending Next Year In Favor Of Boosting The National Economy
Russia Set To Cut Military Spending Next Year In Favor Of Boosting The National Economy
FILE PHOTO: Soviet armoured vehicles in front of the St. Basil's cathedral, Moscow © Reuters / Maxum Shemetov
RT: Economy now more important than military expenses, Russia's budget plans show
Russia is set to cut military spending next year in favor of boosting the national economy, marking the first time in seven years the two areas have traded places in the government’s budget plans.
Moscow has had to revise the country’s spending plan in the wake of the coronavirus outbreak, with the government approving a new federal budget bill for the next three years earlier this week.
According to a note relating to the draft plan, seen by business news outlet RBC, military costs are set to stand at 3.11 trillion rubles ($41.08 million) in 2021, equivalent to around 14.5 percent of all government expenses. That’s over one percent lower than the funds allocated for the national economy, which are expected to total 3.37 trillion rubles ($44.51 billion).
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WNU Editor: The pandemic coupled with lower oil and natural gas prices has hit the Kremlin's budget.
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