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NWF’s funds sufficient to cover revenue shortfall due to oil price drop in up to 10 years

The sufficient amount of liquid funds of the National Wealth Fund guarantees fulfillment of all state obligations and preserved macroeconomic stability with sustainably low oil prices, the ministry noted

© Vladimir Gerdo/TASS

MOSCOW, March 9. /TASS/. Liquid funds of Russia’s National Wealth Fund (NWF) totaled 10.1 trillion rubles ($138.8 bln) as of March 1, which is sufficient for covering the country’s shortfall in revenue related to the oil price plunge to $25-30 per barrel within 6-10 years, the Finance Ministry said in a statement on Monday.

The sufficient amount of liquid funds of the National Wealth Fund guarantees fulfillment of all state obligations and preserved macroeconomic stability with sustainably low oil prices, the ministry noted.

"Operations conducted on the open market will offset the decrease of foreign currency flow from exports of oil and petroleum products related to the crude futures drop, stabilizing the exchange rate of the national currency," the ministry said.

"If (oil - TASS) prices remain sustainably low the sufficient amount of liquid assets in the National Wealth Fund guarantees fulfillment of all state obligations and preserved macroeconomic and financial stability. As of March 1, 2020 the NWF’s liquid funds and funds on the extra oil and gas revenues account exceeded 10.1 trillion rubles ($150.1 bln), or 9.2% of GDP. Those funds are sufficient for covering the revenue shortfall due to the oil price plunge to $25-30 per barrel within 6-10 years (considering damping mechanism revenues)," the statement said.

If the National Wealth Fund’s liquid funds dive below 5% of GDP, the annual amount of its funds used to cover the deficit of the federal budget and the budget of the Pension Fund cannot exceed the amount equivalent to 1% of GDP.

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