Russia will double its Reserve Fund to 1.43 trillion rubles ($50 billion) by the end of this year, Prime Minister Vladimir Putin said in his annual address to parliament on Wednesday.
"I think we need to resume saving and consolidating our reserves, which is why I suggest we send most of oil and gas revenues to the Reserve Fund," Putin said.
As for the National Welfare Fund, Putin said it had more than tripled in the past two and a half years to 2.609 trillion rubles ($92 billion).
"It is the main source for covering Pension Fund deficit, and it is very important for maintaining stability during the pension reform," he said.
"This policy will leave us room for maneuver, and provide us with financial independence and secure us from possible risks, of which there are plenty," he said.
MOSCOW, April 20 (RIA Novosti)
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: The Pearl of Russia's Far East
Infographics: Nobel Peace Prize
Vladimir Putin Meets with Members of the Valdai International Discussion Club. Transcript of the Final Plenary Session
Vladimir Putin took part in the final plenary session of the Valdai International Discussion Club’s 11th meeting. The plenary session summed up the club’s work over the previous three days, which concentrated on analysing the factors eroding the current system of institutions and norms of international law.