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Russia’s reserve fund may be used up in two years amid current negative tendencies

October 19, 2014, 1:02 UTC+3 MOSCOW

“No threats are seen in the next year” for the budget, Golikova said

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© Anton Novoderzkin/TASS

MOSCOW, October 18. /TASS/. Russia’s Reserve Fund could be completely depleted in the two-year time if the current negative tendencies persist in the year 2015, the head of the Russian Audit Chamber, Tatiana Golikova said on Saturday.

“If the money from the Reserve fund is used up amid possible risks of plummeting oil prices and impossibility to loan under the sanctions, I think we will leave a hole in the fund in a two-years’ time,” Golikova said on air at the TV Tsentr channel.

At the same time she admitted that the estimates are hypothetical as the government plans to increase revenues.

“We raise other receipts and target on implementing import substitution and on improving infrastructure and other sectors of the economy that will enlarge governmental revenues,” she said.

“No threats are seen in the next year” for the budget, Golikova said.

“There are not any threats for the 2015 budget in line with insurance tools provided for it /the possibility to spend money of the Reserve Fund - eds. TASS/,” she said. “The budget will be fulfilled and all social obligations with regard to their indexation in 2015 will be secured.

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