To cover the deficit of the Federal budget in 2017 will need to spend all accumulated in the Reserve Fund and approximately 783 billion rubles from the national welfare Fund, Reuters reports with reference to the proposals of the Ministry of Finance of the Russian Federation, presented by the office for consideration of the government. In the document, a copy of which is available to the Agency, also said the intention of the Ministry of Finance to increase in 2017, the volume of net borrowing on the domestic market to 1.29 trillion rubles.
On July 1, the aggregate size of the Reserve Fund (in terms of roubles) was estimated by the Ministry of Finance in 2,456 trillion, the size of the national welfare Fund — in 4,675 trillion rubles.
Due to changes in exchange rates the amount of savings in the Reserve Fund over the past six months decreased by 404,47 billion rubles, NWF — to 545 billion rubles.
In the spring of 2015, Russian Finance Minister Anton Siluanov warned that Without spending cuts and Treasury “responsible approach” to fiscal policy, the Reserve Fund may be depleted in the next year or two.
On Tuesday, Vedomosti reported that the meeting with the head of the government Dmitry Medvedev has approved the Finance Ministry’s proposal to freeze Federal spending for three years at the nominal level 15.78 trillion rubles.