- Russia's reserve fund to run out in 2010 - Kudrin
- Russia restricts investment from Reserve Fund
- Russia's Central Bank says cut rescue package
- Russia's Central Bank set to buy 965,000 oz of gold by yearend
Russia's Reserve Fund decreased by 1.8% to 2.238 trillion rubles ($76.87 bln) from 2.242 trillion rubles ($77 bln) in November, the country's Finance Ministry said on Tuesday.
As of December 1, the Russian National Prosperity Fund stood at 2.77 trillion rubles ($95.1 bln), up 2.1% from 2.712 trillion rubles ($93.1 bln) on November 1.
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.
As of October 1, the Finance Ministry channeled a total of 2.023 trillion rubles ($67 bln) from the Reserve Fund 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.
MOSCOW, December 1 (RIA Novosti)
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Yury Gagarin: A down-to-earth person
Infographics: The Linguistic Diversity of the Planet
Ukraine has not preserved its 1991 borders. The signing of the Geneva memorandum on April 17 reaffirmed the willingness of Russia, the United States and EU countries to reach a compromise. While the sides continue to trade tough talk and symbolic sanctions, the Kremlin and the White House are also holding a parallel dialogue on the coordinated geopolitical revision of Eastern Europe.