Issue 4279. Last Updated: 11/20/2009

Oil Fund Manager Warns on Spending

By Catrina Stewart
""Irrational"" domestic spending from the $150 billion stabilization fund could fuel further inflation and make the economy once more dependent on the whims of global oil markets, Pyotr Kazakevich, the official in charge of the fund, warned on Tuesday. Few could have foreseen that the stabilization fund -- first proposed by President Vladimir Putin's maverick economic adviser Andrei Illarionov -- would accumulate so much in the four years since its creation. By year's end, the government expects to be sitting on a cash hoard of $158 billion.

Subscribing to The Moscow Times online

To receive access to this service, you will have to register and subscribe.

If you have any difficulties with making payment please contact Yury Voloshin at payment@themoscowtimes.com



Discussion

Comments

print


 For bloggers



Most Read

  1. Russia Ranked No. 1 For Economic Crime
  2. United Russia Tripped Up in Tax Bill Debacle
  3. Inmates Abuse Suspect in $17M Theft
  4. Medvedev: Road Safety As Urgent As Recession
  5. Licensed to Kill
  6. Terrorism on the Roads
  7. Central Bank Averts $44M Pension Fund Heist
  8. State Lays Claim to Academic Society
  9. Court Ruling Shelves Death Penalty
  10. RusHydro to Manage Dam Alone