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Russian PM Orders Drafting of Budget Resistant to Fluctuating Oil Prices

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Russian Prime Minister Dmitry Medvedev instructed the finance and economic development ministries to work out the issue of budget stability regardless of oil prices by December 10, 2017, the cabinet said in a statement Thursday.

MOSCOW (Sputnik) — Medvedev gave the order to implement instructions given earlier by Russian President Vladimir Putin.

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Putin earlier told the cabinet to work out the issue of increasing the stability of the budget system in case of changes in global oil prices by December 31, 2017.

Russian Prime Minister also ordered the government to develop measures aimed at ensuring economic growth and making the budget less vulnerable to internal and external shocks.

"It is necessary to make decisions that will allow renewing the economy’s growth, optimizing mechanisms of controlling the business environment. It is also necessary to make the budget less vulnerable to oil price fluctuations as well as other internal and external shocks," Medvedev said at the government’s session.

He also called for increasing production of civilian goods at military plants.

The prime minister also pointed out that the measures must be developed within short time-frames.

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