Russia’s reserve, wealth funds to fall to 2 tln rbl by 2020

MOSCOW, May 6 (PRIME) -- The combined volume of Russia’s Reserve Fund and National Wealth Fund will decrease to 2 trillion rubles by the end of 2019 from 7.6 trillion rubles currently, according to the Economic Development Ministry’s forecast for 2017–2019 approved by the government and seen by PRIME on Friday.

The budget will still have a deficit by the end of 2019, the ministry said.

The Finance Ministry plans to spend 2.5 trillion rubles from the Reserve Fund to cover the budget’s deficit in 2016, while no spending of the National Wealth Fund for this goal is planned this year. The conservative forecast implies that spending of the wealth fund for financing the deficit will start already in 2017.

(65.8918 rubles – U.S. $1)

End