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Reserve Fund’s 100 bln roubles may be used for investment projects - Putin

The president said that by the yearend the aggregated reserves made over 9 percent of the GDP

Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, December 27 (Itar-Tass) — The Reserve Fund’s 100 billion roubles may be used for priority projects, Russia’s President Vladimir Putin told the government on Thursday.

“To avoid any misunderstanding, what I mentioned recently in the Address is that we may unseal the Reserve Fund slightly earlier – 100 billion may be used for investment projects,” he said.

“This is not breaching the budget rule, we have agreed on this with the finance ministry, and the actions are agreed, so we shall be doing it only after settlement of certain formalities.”

The president said that by the yearend the aggregated reserves made over 9 percent of the GDP.

“We may approach the work still observing the parameters, on which the government has agreed with various ministries, and which the prime minister has approved,” Putin said. “The most important fact is that we are still following the agreements, and that leaders of sectors do not over-press the earlier decisions.”

The president said the budget rule should be observed.

“We do know perfectly well, and we have discussed it necessary to optimise work in various directions,” Putin added. “We do have resources, reserves for optimisation of every sector, the process requires persistent work.”

The government is moving the right direction, the president said.

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