The Reserve Fund was designed to cushion the federal budget against a fall in oil prices. Finance Minister Alexei Kudrin has said there would be extensive use of reserve funds to cover the 2009 budget deficit, which he said could total at least 6% of GDP.
"The deficit will be covered from our own resources: activities on the domestic loan market and the Reserve Fund, which currently stands at 4.8 trillion rubles [$132.6 billion]. These funds will be enough to balance the budget in this and subsequent years," Putin said.
According to the parameters of the federal budget for 2009 approved last year, expenditures were to total 9.024 trillion rubles ($248.4 billion at current exchange rates) and revenues slightly over 10 trillion rubles ($275.3 billion). These figures will be adjusted.
Putin also said the government would include the cost of implementing its anti-crisis program in the revised budget.
He said that although budget revenues would be cut, the government would not refrain from implementing key social and investment programs.
"In addition, new expenses will be fixed in the budget as part of anti-crisis measures," he said.