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National Wealth Fund will withstand one more economic crisis, vows ex-finance minister

In 2008 and 2009, half of the Russian Reserve Fund was spent on saving and keeping the budget system

MOSCOW, August 21. /TASS/. Russia’s National Wealth Fund (NWF) will be able to withstand one more economic crisis amounting to the crisis of 2014, head of the Accounts Chamber and initiator of the Reserve Fund Alexey Kudrin said on Tuesday.

"In 2008 and 2009, half of the Reserve Fund was spent on saving and keeping the budget system. In recent years, in particular during a two-year recession, the second half of the Reserve Fund was spent. Today there is no reserve fund, the NWF remained, and it will be enough for another one similar crisis," Kudrin said, speaking in the State Duma, lower house of parliament.

According to the Finance Ministry, as of August 1, the volume of the NWF totaled 4.844 trillion rubles. In dollar terms the volume of fund grew to $77.16 bln from $77.11 bln as of July 1.