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Russia's Reserve Fund down 3.7% to $76.4 bln in September

© Алексей Никольский Russia's Reserve Fund down 3.7% to $76.4 bln in September
 Russia's Reserve Fund down 3.7% to $76.4 bln in September  - Sputnik International
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Russia's Reserve Fund decreased 3.7% to 2.298 trillion rubles ($76.37 billion) while the National Welfare Fund shrank 0.9% to 2.764 trillion rubles ($91.86 billion) in September, the Finance Ministry said on Thursday.

MOSCOW, October 1 (RIA Novosti) - Russia's Reserve Fund decreased 3.7% to 2.298 trillion rubles ($76.37 billion) while the National Welfare Fund shrank 0.9% to 2.764 trillion rubles ($91.86 billion) in September, the Finance Ministry said on Thursday.

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

According to the ministry, "a total of 2.023 trillion rubles ($67 bln) was channeled from the Reserve Fund as of October 1 to balance the federal budget, including 309.24 billion rubles ($10.3 billion) in September."

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 end of the year and run out entirely in 2010, while the National Welfare Fund will fall to 2.8 trillion rubles ($91 billion) by the end of the year and down to 94 billion rubles ($3 billion) by the end of 2012.

 

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