Russia has begun to reduce spending from its reserve fund since 2017
Russia did not feel the shock of the fall in oil prices because it used previously accumulated reserves. Finance Minister Anton Siluanov announced this today at budget hearings in the Federation Council of the Russian Federation.
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“In recent years, we have gotten out of the situation by spending reserves - 5,9 trillion rubles of sovereign funds. These funds are not endless. We need to adapt the budget to new conditions. We have formed a strict budget for the next three years that meets the capabilities of the economy and the requirements for ensuring its growth,” Siluanov said.
According to him, the government planned to use funds from sovereign funds at the level of 2017 trillion rubles in 2.
“This is a little less than this year, but still significant. In subsequent years, we will reduce spending on reserves. In 2019 it will be less than half a trillion rubles,” Siluanov said.
At the same time, the government plans to attract a significant amount of resources from the domestic market.
“This year – 400 billion rubles, then in subsequent years – 1,1 trillion rubles. This is the maximum possible volume, increasing it is a risk,” Siluanov explained.
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