The Pak Banker - - FRONT PAGE -

The econ­omy min­is­ter of re­ces­sion-hit Rus­sia on Thurs­day pledged nearly $10 bil­lion to tackle the coun­try's fi­nan­cial cri­sis, as the low oil price weighs heav­ily on growth.

Alexei Ulyukayev ear­marked 750 bil­lion rubles (nine bil­lion euros, $9.8 bil­lion) in an­ti­cri­sis mea­sures, of which 310 bil­lion rubles are loans to re­gional au­thor­i­ties al­ready al­lo­cated in the 2016 bud­get. Rus­sia's en­ergy-re­liant econ­omy shrank by 3.7 per­cent in 2015 and is set to con­tinue suf­fer­ing in the cur­rent year, weighed down by sys­temic prob­lems that have been ex­ac­er­bated by Western sanc­tions over Ukraine and the low price of oil.

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