November 4, 2008
Medvedev Unlikely to Call for Spending
Russian President Dmitry Medvedev is not expected to announce much new government spending during his inaugural State of the Nation speech, officials say.
Unlike his predecessor, Prime Minister Vladimir Putin, who announced big capital projects, Medvedev is faced with dwindling revenues because of plunging oil prices, ballooning expenses and, in general, effects of the global financial crises, the Moscow Times reported Tuesday.
Ivan Melnikov, a Communist deputy speaker of the Duma, predicted to the Times that there would be efforts to increase spending, but added, "The question is whether the favors will be extended to the banking lobby or the real sector."
Medvedev's speech, after being delayed twice, is set for Wednesday.