Russian Minister of Finance: Russia’s Reserve Fund will be fully spent in 2017

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As Russian Minister of Finance Anton Siluanov told journalists, the Reserve Fund of the Russian Federation will be fully spent in 2017.

“After that, we will start spending money from the National Wealth Fund, it’s all in accordance to the budget,”, he added.

According to Siluanov, the Ministry of Finance considers the possibility of the Reserve Fund to recover next year. The Fund will receive 623 billion rubles ($11 billion – RRT) of oil and natural gas revenue from 2017.

Earlier it was reported that for 2017 the Ministry planned to use 1.061 trillion rubles ($18.6 billion – RRT) from the Reserve Fund and 663.5 billion rubles ($11.6 billion – RRT) from the National Wealth Fund to cover the budget deficit.

In the beginning of May the Reserve Fund had 931.25 billion rubles, or $16.34 billion.

Source: RIA