Russia to have austere 2014 budget – Medvedev

(Interfax – MOSCOW, September 23, 2013) The 2014 budget that is being drafted by Russia’s government is the most austere in years, according to Prime Minister Dmitry Medvedev.

“It will be a difficult budget, the most difficult in recent years. It aims to ensure the stable development of Russia in a deteriorating global economic environment,” Medvedev said at a meeting with senior figures in the Federation Council.

He said the government had tried to take Federation Council recommendations into account in drafting the budget.

In comparing today’s situation with the Russian economic crisis of 1998, Medvedev said “it was easier” in a way during it “because there was a main goal – we couldn’t afford to sink too deeply.”

“When the crisis was over, everyone sighed with relief. Now there is no crisis but there is no development either. There is no revenue. Foreign markets are closed, but the budget needs to be topped up. We need adequate development in this uncertain economic environment,” he said.

He expressed hope that next year the economic situation in Europe would improve, the Chinese economy would stabilize, and economic growth would resume in the United States.

He asked for the Federation Council to “understand under what circumstances the budget is being drafted.”

[featured image is file photo]