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Friday, October 28, 2016

The Ministry of Finance: the Reserve Fund will run out completely in 2017

Russia’s reserve Fund will run out within the next year, after which Finance the deficit budget will have to come from the national welfare Fund (NWF). On Friday said the Ministry of Finance.

photo: Gennady Cherkasov

“The reserve Fund, as far as I remember, for next year will be used,” said Deputy Finance Minister Alexei Lavrov.

The official said that the decision to increase the Reserve Fund spending this year due to postponement of the privatization of “Bashneft”, reports RIA Novosti.

“A clear link with the fact that there is no privatization and we will cover this Reserve Fund. Other sources to cover the deficit,” added Lavrov, noting that we can talk about internal borrowing.

According to the Ministry, the Reserve Fund is now kept at 2.9 trillion roubles, whereas in the SWF – of 4.72 trillion rubles. In early September it was reported that they “lost” on the 470 billion rubles to 123 billion rubles, respectively.

Read the details in the article “MK: “Dismal trend”: the Reserve Fund “thinner” still at 470 billion rubles


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