Russia 's Energy Ministry is proposing spending 100 billion rubles ($3 billion) from its oil windfall fund on heat and power generation projects in the country's far east, Russian newswires report.

Energy Minister Alexander Novak said the ministry is discussing the financing of the projects with state hydropower producer RusHydro (HYDR.RS) and the Finance Ministry. The funds could come from the National Welfare Fund, he said, a rainy-day fund where windfall revenues from oil are sent.

The Economy Ministry Monday cut its forecast for economic growth this year to 1.8%, raising pressure on the government to increase spending to stimulate growth. Russia 's Energy Ministry is proposing spending 100 billion rubles ($3 billion) from its oil windfall fund on heat and power generation projects in the country's far east, Russian newswires report.

Energy Minister Alexander Novak said the ministry is discussing the financing of the projects with state hydropower producer RusHydro (HYDR.RS) and the Finance Ministry. The funds could come from the National Welfare Fund, he said, a rainy-day fund where windfall revenues from oil are sent.

The Economy Ministry Monday cut its forecast for economic growth this year to 1.8%, raising pressure on the government to increase spending to stimulate growth.

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