MOSCOW, December 23. /TASS/. The Reserve Fund and the National Wealth Fund (NWF) may be spent in full by 2019 if current level of expenditures is maintained, the Bank of Russia said on Wednesday.
"If we assume the amount of funds allocated from funds to balance the federal budget remains the same as in 2016, then total resources of the Reserve Fund and the NWF will be spent in full by the beginning of 2019," the Central Bank said.
It is expected 2.6 trillion rubles ($37.2 bln) will be spent this year for direct financing of the budget deficit from the Reserve Fund.
According to the estimate of the Russian Finance Ministry, the Reserve fund will total 3.4 trillion rubles ($48.7 bln) and the NWF will amount to 4.9 trillion rubles ($70.1 bln) or 11.3% of the GDP at 2015 year-end.
- Putin approves Russia's federal budget for 2016
- Finance Ministry expects Russia’s capital outflow to be $60 bln at 2015 year-end
- New budget rule to rely on crude price within $50 — Russian Finance Minister
- Russia's reserve fund may total about $15 billion by end of 2016 — finance minister
- Russian resources of reserve funds may be exhausted in 2017-2018 at current spending rate