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Finance Ministry to replenish Reserve Fund

December 26, 2013, 15:59 UTC+3 MOSCOW
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MOSCOW, December 26. /ITAR-TASS/. Russia’s nearly 3 trillion-ruble national Reserve Fund will be replenished on the back of 2013 financial results, the Finance Ministry has decided.

Finance Minister Anton Siluanov told Rossiya-24 television channel on Thursday: “This year, we will not dip into the Reserve Fund’s capital though there was such a possibility."

“On the contrary, I expect that a certain amount will be transferred to replenish the fund in 2013,” he said, not specifying an amount and despite repeated earlier statements that the fund would receive no additional capital injections to bolster its 2 trillion, 885.29-rubles at December 1 this year.

Russia's stand-by is designed to ensure financing of federal budget expenses and maintain a budget balance in the event that oil and gas revenues decline.

It helps stabilize economic development by reducing inflationary pressure and insulating the national economy from volatility of earnings in the export of non-renewable natural resources.

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