Russia will cut financing of Crimea in half


The Ministry of Finance proposes to cut funding for social and economic development of the Crimea.

“The funding of social and economic development of the Crimea is cut in half: from 149.3 billion rubles (approx. $2.3 billion – RRT) in 2016 to 65.98 billion (approx. $1 billion – RRT) in 2019,” the document of the Russian Ministry of Finance says.

“The ‘classified’ part of government programs (mostly defense spending) is also reduced by 15% over 3 years. Nominal growth in expenses will be seen for the management of public finances, economic development, and development of the industry,” the newspaper writes.

As noted, the maximum reduction in funding is expected for the state program of the development of physical culture and sports (more than twice in 3 years), and the state program of social and economic development of the Far East and the Baikal region, where 20 times reduction is expected.

The authenticity of the document was confirmed by a federal official, and the official representative of the Ministry verified the correctness of numbers, the media writes.