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50 billion rubles ahead for Reserve Fund top-up

December 26, 2013, 17:09 UTC+3 GORKI
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GORKI, December 26. /ITAR-TASS/. Russia’s Finance Ministry is looking to replenish its nearly 3 trillion-ruble national Reserve Fund by another 50 billion rubles in 2013.

Finance Minister Anton Siluanov said after a government meeting on Thursday: “I expect we will be able to transfer some money — about 50 billion rubles — to replenish the fund.”

He had told Rossiya-24 television channel earlier that “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, 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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