Russia to spend $90 bn to fight slowdown: Putin

Expressing confidence in overcoming the consequences of global economic downturn for Russia, Prime Minister Vladimir Putin today announced his government's plan to invest over 3 trillion roubles ($90 billion) on anti-crisis measures.

"Anti-crisis measures stipulate 1.4 trillion roubles in funds. On the whole, taking into account the effects of tax cuts, Central Bank funds, National Welfare Fund and other sources to fight the consequences of the crisis and help the economy rebound, a total of 3 trillion roubles has been allocated," Putin said in his first annual report to the State Duma.

Under the constitutional amendments introduced by President Dmitry Medvedev, the Prime Minister is obliged to present the annual report of his cabinet's performance before the lower house of Russian Parliament.

"Global economy and with it the Russian economy are not undergoing easy times. It is not a thankful job to present the report of the cabinet's performance," Putin, who became PM last May, said while delivering his maiden report on cabinet's performance.

Unveiling the plans to boost the national economy on the backdrop of global downturn the Prime Minister, conceded that the year 2009 will be 'tough' for the former Communist nation.