Russia cuts budget for 2018 World Cup by over S$666m
MOSCOW — Russia has slashed over US$500 million (S$666 million) from its official budget for the 2018 World Cup after cutting spending on hotels and infrastructure.
The annoucement of the cities hosting the 2018 World Cup matches in Russia by FIFA and the Russian government. Photo: Reuters
MOSCOW — Russia has slashed over US$500 million (S$666 million) from its official budget for the 2018 World Cup after cutting spending on hotels and infrastructure.
The government is curbing most areas of public spending as the economy contracts due to the low oil price.
An order signed by Prime Minister Dmitry Medvedev and published today (June 22) cuts the total World Cup budget by 29.2 billion rubles (S$725 million) to 631.5 billion rubles
Sports Minister Vitaly Mutko revealed in April that the government had decided to slash the number of luxury hotels, warning they could lie empty after the tournament. The reduction in the number of hotels was confirmed in law today.
More than half of the total budget will be funded by the federal government, which is providing 335 billion rubles. AP
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