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RUSSIA'S ECONOMY

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Russia’s Finance Ministry plans to consolidate Reserve Fund, National Wealth Fund

Finance Minister Anton Siluanov said that funds will be consolidated on the base of the National Wealth Fund

HAMBURG, July 8. /TASS/. Russia’s Finance Minister offers consolidation of the Reserve Fund and the National Wealth Fund (NWF) on the base of the NWF, Finance Minister Anton Siluanov said Saturday.

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"The task has been set by the head of the government. It has been decided to consolidate the funds for better management of the reserves," he said, adding that the Finance Ministry’s proposal is to "do this on the base of the National Wealth Fund."

Russia’s Reserve Fund amounted to 987.27 bln rubles ($16.6 bln) as of July 1, the National Wealth Fund (NWF) stood at 4.385 trillion rubles ($74 bln).

Deputy Finance Minister Vladimir Kolychev said earlier that the Ministry was considering two options for consolidating the Reserve Fund and the National Wealth Fund - either to completely consolidate them or to establish the volume of transfers from the NWF to the Reserve Fund.

According to Kolychev, theoretically the construction of the Stabilization Fund that used to consolidate all Russian reserves could be used for funds’ merger. The Stabilization Fund established in 2004 was divided into the NWF and the Reserve Fund in 2008.

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