Vladimir Putin has loosened Russia’s purse strings to expand a popular subsidy for families ahead of a presidential election in which he’s widely expected to seek a fourth term.
The government will spend 500 billion rubles ($8.6 billion) over three years on measures to encourage Russians to have more babies, including mortgage subsidies and payments to new and growing families, Deputy Prime Minister Olga Golodets told reporters Wednesday in Moscow.
The money will come from government reserves and won’t require changes in the budget, Finance Minister Anton Siluanov told the upper house of parliament.
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