Finance Minister posts pessimistic budget scenario

In the event oil prices drop below $20 per barrel, the Russian government will resort to external loans or reduce expenditures, Finance Minister Alexey Kudrin announced at a meeting with journalists today. At the same time, he stressed that taking into account the reserve fund, which would be formed by the end of this year, and current oil prices, no external loans will be necessary. The Russian budget will be deficit free if oil prices stay above $20 per barrel, the Finance Minister stressed.