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Wednesday, February 21, 2018

“Dismal trend”: the Reserve Fund “thinner” still at 470 billion rubles

The Finance Ministry reported on the results of placement of means of Reserve Fund and national welfare Fund for the period from 1 January to 31 August 2016. According to published data, in August both of the Fund decreased by 470 billion rubles to 123 billion rubles, respectively. Compounding the situation is the fact that this is the third year for the appeal to the Reserve Fund: in April and may it was taken at 390 billion rubles. And it doesn’t solve the other problems of replenishment of the withdrawn funds.

photo: Gennady Cherkasov

Earlier, the head of the Ministry of Finance of Russia Anton Siluanov has said that, despite some pessimistic forecasts, the Reserve Fund by the end of the year will not be exhausted. A reserve Fund. However, now many have doubts that this promise is achievable.

“Silvanus, of course, causes the data except for a few people can verify. – said in an interview with “MK” Executive Director, Consulting Heads Nikita Kulikov. But, judging by the pace and volume of spending, it is really in the Reserve Fund by the end of this year, little may remain

But, in General, the authority for us this is the official predictions: if they say everything is fine, then everything is fine.”

But more importantly – how much money were not taken from the Reserve Fund, to restore it, in fact, nothing, he said: “By and large, the main problem is, first, that the replenishment of the Reserve Fund is not expected till either side. Even if we manage to freeze the price of oil, the resulting funds will go to maintaining the current budget and budget planning for next year. But not to receive a profitable part in order to Fund, among other things, and the Reserve Fund. On this basis, such a large spending look, of course, somewhat terrifying, given the fact that they are not for the first time in the current year is announced. The fact these expenses there is nothing terrible, but the trends are – their continued growth and the absence of any sources of replenishment of reserves, depressing. On the other hand, the Reserve Fund is created to expend in times of need, and assemble in more or less favorable. Now he basically does the job, and we can say that some time ago and this Fund was not.”.

How likely in the current environment, before the end of the year, the Reserve Fund will be further reduced? Likely to be, says Nikita Kulikov: “first of all because, despite the problems in the economy, the government actively invested in the development of the regions and individual sectors. We can say that some of the “project of the century”, for example, in the Crimea completed, but still have something to finish. Expenses will undoubtedly be, and what exactly – remains an open question. Maybe the road will do.”


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