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Russia advised not to spend funds of National Wealth Fund, says IMF

The National Wealth Fund dropped by 0.4% in April 2019 to 3.81 trillion rubles or $58.96 bln as of May 1, according to the data provided by Russia’s Finance Ministry

© EPA/JIM LO SCALZO

MOSCOW, May 24. /TASS/. The International Monetary Fund (IMF) has recommended that Russia should not spend the funds of the National Wealth Fund (NWF) even after it reaches the level of 7% of the country’s GDP.

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IMF attributes revision of Russian GDP growth outlook to tighter financial conditions

"In order to fortify confidence in the rule, it is recommended that its further changes should be avoided, particularly following a slight easing last year. Official bodies are also recommended to refrain from quasi-fiscal transactions involving the funds of the National Wealth Fund and instead to continue investing them in high-quality foreign assets (even after the liquidity part of the Fund reaches 7% of GDP) to save resources for future generations and avoid procyclicality," according to the files released by the International Monetary Fund.

The National Wealth Fund dropped by 0.4% in April 2019 to 3.81 trillion rubles or $58.96 bln as of May 1, according to the data provided by Russia’s Finance Ministry.

As of April 1, 2019, the Fund amounted to 3.82 trillion rubles ($59.13 bln).

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