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Russia's Reserve fund to be exhausted in 2017 — finance ministry

September 09, 13:50 UTC+3
Once the fund is exhausted, the budget deficit financing will start from the National Wealth Fund
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© Vladimir Smirnov/TASS

CHITA, September 9. /TASS/. The Russian Reserve Fund will be exhausted over the course of the next year, the budget deficit financing will start from the Russian National Wealth Fund, Deputy Finance Minister Alexei Lavrov told journalists on Friday.

"The Reserve Fund, as I remember, will be used up over the next year," Lavrov said. He added that once the fund is exhausted, the budget deficit financing will start from the National Wealth Fund.

The official has also noted that the lack of funds for budget deficit after privatization of Bashneft was postponed could be covered by domestic borrowing.

"Various sources could be used to cover the deficit, including domestic borrowing," he said.

Russia’s Finance Ministry will simultaneously submit to the government the expected report on the implementation of this year’s budget and the draft budget for 2017-2019ю

"Together with the law on budget we will submit the expected performance of this year’s budget. Respectively on October 13 it will become known what parameters we proceeded from. This will affect the forecast for the Reserve Fund and the rest…," Lavrov said.

The official pointed out that the ministry kept the base oil price in the draft budget for 2017 at $40 per barrel.

The Finance Ministry said earlier that the volume of the Reserve Fund had decreased by 18.4% in August 2016 to 2.090 trillion rubles ($32.22 bln) and the National Wealth Fund decreased by 2.5% to 4.719 trillion rubles ($72.78 bln).

In August the Finance Ministry transferred money from the Reserve Fund to cover the budget deficit of 390 bln rubles ($6.01 bln) for the third time. "In August 2016 a part of the Reserve Fund in foreign currency in the amounts of $2.92 bln, 2.46 bln euro and 310 mln pounds was sold for 390 bln rubles ($6.01 bln), and the proceeds were credited to a single of the federal budget," the statement said.

In April and May 2016, the Finance Ministry also spent 390 bln rubles ($6.01 bln) in each month from the Reserve Fund to cover the budget deficit. Thus, 1.17 trillion rubles ($18.05 bln) were allocated from the Reserve Fund to cover the 2016 budget deficit.

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