29 May 2004 07:43
Russia may bring inflation to 3% by 2008 - deputy PM
MOSCOW. May 29 (Interfax) - Inflation in Russia is unlikely to exceed 10% in 2004 and may come to between 3% and 4%
by 2008, a senior minister said in a television program on Saturday, also arguing that a possible fall in world oil
prices would not seriously damage Russia's economy.
"For next year, we plan reduction in inflation to 8%, and by 2006 to between 4% and 6%. By 2008, we may achieve
indicators of between 3% and 4%," Deputy Prime Minister Alexander Zhukov told Russia's Rossiya television.
He also said a possible drop in world oil prices would not have a serious negative effect on Russia's
economy.
"The government has built all the necessary mechanisms to have both a balanced budget and non-decreasing volumes
of social expenditure even in the case of a substantial decrease in oil prices. Necessary reserves have been created for
this and a stabilization fund for the possibility that the state of the market will deteriorate sharply," Zhukov
said. [RU EUROPE EEU EMRG ECI OIL CRU ENR TRD] as <>
[Interfax] |
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