Russian Government Unveils Plan To Fight Economy Crisis

The Russian government unveiled a plan Wednesday to fight the country's economic crisis by cutting state spending while also offering support for smaller businesses.



In addition, the plan calls for protecting those most vulnerable to inflation.



The final draft for the anti-crisis plan for this year was presented Monday by Prime Minister Dmitry Medvedev to President Vladimir Putin. It was published Wednesday on the government's official website.



The new plan comes after the tumultuous events of last December, when the ruble, the national currency, dived to record lows due to the falling price of oil. The ruble lost an estimated 46 percent of its value in 2014 -- losing 20 percent of its value on Dec. 16 alone. 



Russia is struggling, as well, under the weight of international sanctions imposed for its involvement in the conflict in Ukraine. Russia also experienced record capital flight in 2014, with an estimated $150 billion leaving the country. 



The new crisis plan consists of 60 points, seven of which are considered "key areas of action."



Among these are "support for the import and export of a wide range of non-primary and high-tech goods," promoting the "development of small and medium enterprises by reducing financial and administrative costs," and "compensation for those vulnerable to inflation such as pensioners and families with multiple children."



The plan also calls for the reduction by 10 percent in the budgets for most state agencies, starting by cutting "inefficient spending." 



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