MOSCOW, October 26 (RIA Novosti) - The Russian government must cut budget spending and control foreign borrowings of state companies amid global financial woes and falling oil prices, former prime minister Yegor Gaidar said on Sunday.

In an interview with Ekho Moskvy radio station, Gaidar, an architect of economic reforms in post-Soviet Russia, said the Russian government should change the system of expenditures from 2010-2012 and make sure that taxpayers understand clearly what they pay for.

"Now that oil revenues have declined and, possibly, will fall further, the importance of this task will only rise," Gaidar said.

The ex-premier also said the government should control more toughly the foreign borrowings of Russian state companies as their liabilities are regarded as Russia's sovereign debt.