Russia will exhaust its reserve fund in 2017 and will begin to spend its National Welfare Fund
The remainder of Russia's reserve fund in the amount of 1,1 trillion rubles will be spent in 2017 to pay off the budget deficit. Finance Minister Anton Siluanov announced this today in the State Duma of the Russian Federation.
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“The level of budget revenues next year is equal to the revenues we had in 2013. While the level of expenses has increased significantly. Over the past four years, we have increased expenses by more than 3 trillion rubles. Over the past two years alone, we have used 4,7 trillion rubles from the reserve fund to finance the increased budget deficit. At the end of this year, the balance of this source will amount to 1,1 trillion rubles,” Siluanov said.
The budget deficit in 2017 will amount to 2,8 trillion rubles, the repayment of which will use the remainder of the reserve fund.
“We are starting to use funds from the national welfare fund. We also planned loans in the domestic market in the amount of more than a trillion rubles,” Siluanov said.
Russia will exhaust its reserve fund in 2017 and begin spending its National Welfare Fund.