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Russia's Reserve Fund down 3.7% to $85.74 bln in August

Russia's Reserve Fund
Russia's Reserve Fund - Sputnik International
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Russia's Reserve Fund decreased 3.7% to 2.706 trillion rubles ($85.74 billion) while the National Prosperity Fund rose 0.1% to 2.863 trillion rubles ($90.69 billion) in August, the Finance Ministry said on Tuesday.

MOSCOW, September 1 (RIA Novosti) - Russia's Reserve Fund decreased 3.7% to 2.706 trillion rubles ($85.74 billion) while the National Prosperity Fund rose 0.1% to 2.863 trillion rubles ($90.69 billion) in August, the Finance Ministry said on Tuesday.

The Reserve Fund was set up to cushion the federal budget against a fall in oil prices, and the National Prosperity Fund is intended to help the government carry out pension reforms.

According to the ministry, "a total of 1.723 trillion rubles ($54 bln) was channeled from the Reserve Fund as of September 1 to balance the federal budget, including 108 billion rubles ($3.4 billion) in August."

In line with budget policy guidelines for 2010-2012 approved by the government in July, a total of 3.028 trillion rubles ($95.5 billion) or 7.9% of the country's GDP will be spent on covering the budget deficit this year.

Russia's Reserve Fund is expected to fall to 1.55 trillion rubles ($50 billion) by the yearend and run out entirely in 2010, while the National Prosperity Fund will fall to 2.8 trillion rubles ($91 billion) by the yearend and down to 94 billion rubles ($3 billion) by the end of 2012.

 

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