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.
"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).