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Russian resources of reserve funds may be exhausted in 2017-2018 at current spending rate

"It is impossible to speak about development and investments in the private sector when our latest financial resources are used to close the deficit," Russia’s First Deputy Minister of Finance says

© Nikolay Galkin/TASS

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KRASNOGORSK, October 9. /TASS/. Resources of reserve funds may be exhausted in 2017-2018 at their current spending rates, Russia’s First Deputy Minister of Finance Tatiana Nesterenko said on Friday.

"It is impossible to speak about development and investments in the private sector when our latest financial resources are used to close the deficit with limited resources to replenish the budget, when we have no foreign markets and domestic markets are limited. Reserve funds are depleting. We believe reserve funds may end at such rates of their spending. We will use up resources received when oil prices were high by 2017-2018," Nesterenko said.

The target is to keep total resources of the National Wealth Fund and the Reserve Fund at the level of at least 2 trillion rubles ($32.5 bln) by 2018 year-end, Finance Minister Anton Siluanov said in September.

The Reserve Fund amounted to 4.67 trillion rubles ($75.8 bln) and the National Wealth Fund equaled 4.87 trillion rubles ($79.1 bln) as of October 1.

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