Plan to revive Russian economy to cost $11.7 bln: Minister

A Russian government plan to shore up the recession-battered economy will cost around 880 billion rubles ($11.7 billion), Economy Minister Alexei Ulyukayev told a cabinet meeting on Feb. 18.

Some of these funds have already been factored into the 2016 federal budget, Ulyukayev said, but the government still needs to find additional money.

Some 185 billion rubles will be allocated from the budget's anti-crisis fund and there is also some money left over from last year's budget, but that would not suffice, he said.

With oil prices well below levels originally envisaged for this year, the government of Prime Minister Dmitry Medvedev is trying to keep the economy from sinking too much into recession and at the same time maintain control over the budget deficit.

Medvedev reiterated on Feb. 18 that all social security obligations - pension, health insurance, disability and other such payments - must be met this year, but that there should be a greater control over public spending.

Ulyukayev said some additional funds could probably be found with amendments to the budget law. "Now, the main thing is to decide on priorities," he said.In Photos: Nature in Turkey's Artvin enchants against efforts to mine gold from its mountainsIn Photos: Turkish police intervene against locals protesting mining efforts in ArtvinIn Photos: Turkey in mourning day after attack kills 28 in AnkaraIn photos: Turkey commemorates Rumi with 'Night of Union' ceremony in KonyaIn Photos: Ta?yaran Valley in Aegean region to become nature parkPictures released by the Armed Forces depict destruction in southeastern Sur amid clashes, curfewIn Photos: Marks of violence visible across Nusaybin after lifting of curfewIn Photos: Turkey celebrates Christmas Eve with...