Central Bank: Reserve Fund and national welfare Fund can be spent by the beginning of 2019

Central Bank: Reserve Fund and national welfare Fund can be spent by the beginning of 2019


Total Reserve Fund and national welfare Fund can be spent fully by the beginning of 2019, according to the Central Bank of Russia.

MOSCOW, 23 Dec. The funds of the national welfare Fund (NWF) and Reserve Fund can be spent almost completely by the beginning of 2019, said in the financial stability review prepared by the CBR.

Currently in Russia for financing the budget deficit actively used the Reserve Fund. In 2016 it is planned to use 2,137 trillion rubles from the Reserve Fund to cover the budget deficit. By the end of 2016 the Reserve Fund can be 1,051 trillion rubles, or 31% of the contingency Fund at the beginning of 2016.

If in 2017 the budget deficit, the government of the Russian Federation there are three main sources of financing the budget deficit: the remains of the Reserve Fund in 2017, funds and revenues from the placement of state securities on the domestic market.

“By the end of 2016 the amount of funds of the NWF may be of 4.66 trillion rubles, and the amount of the Reserve Fund and national welfare Fund – 5,717 trillion rubles. If we assume that in 2017-2018, the amount of funds allocated from the funds to balance the Federal budget, will be the same as in 2016, the total Reserve Fund and national welfare Fund will be spent almost entirely by the beginning of 2019”, — stated in the review of the Central Bank.