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Russian finance minister against reducing Reserve Fund to 5% of the GDP

September 20, 2012, 19:34 UTC+3
He believes that measure won’t make the state budget more stable
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, September 20 (Itar-Tass) — The Russian Finance Minister is against reducing the minimal size of the Reserve Fund from 7% to 5% of the GDP. He believes that measure won’t make the state budget more stable.

“If we want to have financial strength and not to fear that the Reserve Fund will be spent in the first year in case anti-crisis measures will have to be implemented, I believe that a 5% Reserve Fund will not be enough to execute the budget,” Finance Minister Anton Siluanov told journalists at a briefing on Thursday.

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