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Russia may change budget rule if economy in recession - PM
May 14, 2014 / 2:32 PM / 3 years ago

Russia may change budget rule if economy in recession - PM

MOSCOW, May 14 (Reuters) - Russia may change its budget rule that limits government spending of oil revenues if the economy finds itself in a serious recession or if crude prices fall, Prime Minister Dmitry Medvedev said on Wednesday.

“For now we have agreed ... not to change the rule in a fundamental way,” Medvedev told journalists at a briefing.

“This does not mean that we have decided and the matter is closed ... If the situation deteriorates and if it turns into a real recession or a drop in oil prices, we will have to abandon the fiscal rule.”

Debate has raged within the government over the budget rule, which is designed to protect state finances against falls in the oil price. (Reporting by Darya Korsunskaya; Writing by Lidia Kelly; Editing by Jason Bush)

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