Source close to the Russian Finance Ministry says the monetary reserve fund will be exhausted by the end of the year
A source close to the Ministry of Finance told Russian TASS news agency that the monetary reserve fund could be dried up by next year.
“The Reserve Fund of the Russian Federation can be spent as early as this year. There will be some money for the next year but these funds will be spent if privatization doesn’t occur as planned,” the source said.
According to the expert, it is likely that the Reserve Fund will be fully exhausted in early 2017.
A representative of the agency also fears that the federal budget deficit will exceed 3% of GDP as planned by the Russian Ministry of Finance and increase by 3.5%. One week earlier, the Deputy Minister of Finance, Alexey Lavrov, stated that the Reserve Fund will be used during 2017. “When the Fund is exhausted, the funding of the federal budget deficit will be from the National Welfare Fund,” the official added.