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Russia's reserve fund to run out in 2010 - Kudrin

Russia will raise some 603 billion rubles ($19.5 bln) in foreign loans and borrow 691 billion rubles ($22.4 bln) at home in 2010, Kudrin said.
Russia will raise some 603 billion rubles ($19.5 bln) in foreign loans and borrow 691 billion rubles ($22.4 bln) at home in 2010, Kudrin said. - Sputnik International
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Russia's Reserve Fund will be completely exhausted in 2010 and will not begin to be replenished until 2013

MOSCOW, September 15 (RIA Novosti) - Russia's Reserve Fund will be completely exhausted in 2010 and will not begin to be replenished until 2013, Finance Minister Alexei Kudrin 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.

Russia will raise some 603 billion rubles ($19.5 bln) in foreign loans and borrow 691 billion rubles ($22.4 bln) at home in 2010, Kudrin said.

Expenses on defense will stand at 1.243 trillion rubles ($40.3 bln), including 946 billion rubles ($30.65 bln) on the Armed Forces and 18.8 billion rubles ($609 mln) on the nuclear military sector next year, the Finance Ministry said in a report.

The country will spend 1.056 trillion rubles ($34 bln) in budget funds on national security and law enforcement in 2010, 5% up against relevant expenses in 2009.

Budget plans for next year include arrangements for the 2014 Olympics in Sochi, where 144.8 billion rubles ($4.7 bln) will be spent along with an APEC forum in the Far Eastern city of Vladivostok, where 71 billion rubles ($2.3 bln) will be channeled.

 

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