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Friday, October 21, 2016

Media: the Reserve Fund will end one year

Russia’s reserve Fund will be completely exhausted in 2017, reports Reuters with reference to the documents of the Ministry of Finance prepared for the government.

photo: Natalia Muslinkina

According to them, in 2017 the government will start to spend and the Fund of national welfare, taking from it 783 billion rubles to cover the budget deficit.

One of the ways to replenish the Treasury will be the increase in borrowing in the domestic market to 1.29 trillion rubles.

Recall that today, the press Secretary of the President Dmitry Peskov confirmed that the draft budget for 2017-2019 provided freeze spending, which means actual reduction in inflation.

It should be noted that the Reserve Fund and national welfare Fund, are only part of all reserves of the Central Bank of the Russian Federation, which is currently quite large. Taking into account this factor of reserves, Russia can last for decades, let the funds and will be exhausted by themselves.

We will add, however, that along with the freezing of budget expenditures, the government plans once again to “freeze” and funded pensions, this time for three years to put the money on “long” investments, and running costs.

Read about the conflict in the government about pension reform.

Pension reform. Chronicle of events

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