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Reserve Fund and NWF may be spent by 2019 at current expenditures level — Bank of Russia

December 23, 2015, 21:16 UTC+3
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
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© Sergey Konkov/TASS

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.

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