| Russia has based its three-year budget forecasts on optimistic oil price expectations that, combined with heavy social spending, may lead to the depletion of its rainy-day savings, the International Monetary Fund warned Tuesday.
The government sees the average price for oil, Russia's main export, at about $100 per barrel over the next three years. "For 2014 and even more for 2015-16, budgets appear insufficiently ambitious, including due to optimistic revenue projections based on high oil-price assumptions," the IMF said in a statement after an annual mission to Moscow...............................................Full Article: Source
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