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Russian Finance Ministry sees no need in funding 2016 deficit from National Wealth Fund

February 19, 2016, 14:11 UTC+3
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© Sergei Konkov/TASS

KRASNOYARSK, February 19. /TASS/. The Russian Finance Ministry sees no need in spending resources of the National Wealth Fund (NWF) to fund the budget deficit in 2016, Deputy Finance Minister Maxim Oreshkin said on Friday on the sidelines of the Krasnoyarsk Economic Forum.

"This is not provided in the budget and balances, especially subject to reappraisal of the Reserve Fund, will cover all demands even if the scenario is negative," the official said responding to the question whether NWF resources’ spending is planned this year.

Referring to the budget deficit, it may be above 4% of the GDP if oil prices remain at the current level, Oreshkin said. "Three percent of the GDP [budget deficit - TASS] is the real figure, the target to be achieved. This is the target at $40 a barrel, as [Finance Minister Anton Siluanov - TASS] said. If oil prices remain at the current level, then we may speak about the deficit above 4% of the GDP," the official said.

The Finance Ministry is currently drafting amendments to the 2016 year budget that may be presented in April. Russian President Vladimir Putin earlier tasked the Finance Ministry to keep within limits of 3% budget deficit this year. The task can be delivered, according to ministerial estimates.

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