Russia to spend $30.3-38 bln from Reserve Fund this year

The Russian Finance Ministry will spend 2-2.5 trillion rubles ($30.3-38 bln) from the Reserve Fund and net borrowings will amount to about 300 bln rubles ($4.6 bln) this year, Minister Anton Siluanov said on Thursday (June 16) at the St. Petersburg International Economic Forum (SPIEF).

“Net borrowings will be about 300 bln rubles ($4.6 bln) this year; reserves to be spent will range from 2 to 2.5 trillion rubles ($30.3-38 bln),” Siluanov said.

However, growth of the Russia’s budget deficit to 3-5% of the GDP will result in higher net borrowings.

“Indeed, if the budget deficit is 3 or 5%, then the amount of net borrowings will have to be higher,” Siluanov said.

The minister has stressed that the finance ministry would not use the whole of the Reserve Fund, and a safety cushion will remain.
Source: TASS

Author: Hassan Khazaal

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