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Finance ministry: Russia’s Reserve Fund, National Wealth Fund will not be depleted

July 18, 21:13 UTC+3
The position of the ministry is that "spending of funds should be minimized"
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©  Artiom Geodakyan/TASS

MOSCOW, July 18. /TASS/. The Reserve Fund and the National Wealth Fund will not be completely depleted, Russian Deputy Minister of Finance Alexeн Moiseev said in an interview with Rossiyskaya Gazeta newspaper to be published on Tuesday.

"We will not bring the Reserve Fund and the National Wealth Fund to the condition of complete depletion. The budget deficit will be contracted. It will be financed at the expense of renewable sources, privatization and government bonds floating in the first instance. Then expenditures from sovereign funds will stop," the official said.

The position of the ministry is that "spending of funds should be minimized," Moiseev said.

Meanwhile, the Russian budget will receive about 190 bln rubles ($3 bln) of dividends from state-owned companies this year and somewhat 250 bln rubles ($4 bln) in 2017, the official said.

"Considering all the exceptions made for state-owned companies, we nevertheless intend to bring nearly 190 bln rubles ($3 bln) to the budget. About 250 bln rubles ($4 bln) are expected to be earned in 2017 if the dividend rate remains 50% [of net profit]," Moiseev said.

The Ministry intends to insist from the next year that state-owned companies pay dividends from the net profit under International Financial Reporting Standards and not under Russian Accounting Standards, he added.

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