Russia’s Reserve Fund to be fully spent in 2017

The Russia’s Reserve Fund will be fully spent in 2017, according to the draft budget for 2017-2019 prepared by the Finance Ministry and posted on the legal information website.

In particular, the Finance Ministry plans to spend 1.15 trillion rubles ($18.4 bln) from the Reserve Fund and 659 bln rubles ($10.5 bln) from the National Wealth Fund in 2017, the document says.

The draft also says that the Russian Finance Ministry wants to increase the program of external borrowing in 2017 to $7 bln, and $3 bln annually in 2018-2019.

Domestic government borrowings will be equal to 1.05 trillion rubles ($16.8 bln) yearly in 2017-2019, the document says.

The Russian government may take decisions next year to float Eurobonds with par value up to $4 bln within the framework of exchange for other issues of Russian government securities denominated in foreign currency by agreement with their holders.

Such decisions may be taken for purposes of reducing the state foreign debt and state debt servicing expenses in 2017 and in 2018-2019 planning period, the document says.

Source: TASS

Author: zeina

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