Russia will not have to reach into the piggy bank - there is money
In conditions of favorable economic conditions, Russia will not have to use funds from the reserve fund and the National Welfare Fund this year. Chairman of the Accounts Chamber of the Russian Federation Tatyana Golikova stated this today, speaking at the Federation Council.
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“The government plans to fully use the reserve fund and about 200 billion rubles from the National Welfare Fund. Six months have passed and we see that the reserve fund and the National Welfare Fund are not being used. Additional oil and gas revenues are used to buy foreign currency.
We believe that, given the current budget execution, such use is unrealistic. It will either be less, or we will not resort to using funds from the Fund at all,” Golikova said. Reported by a PolitNavigator correspondent.
According to her, if the exchange rate and price of oil are in the range in which they have been over the past 5 months, then oil and gas revenues could increase to 120-130 billion rubles. The budget deficit is reduced by 30%.
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