Russia plans to spend more than $50 billion from its
emergency Reserve Fund in 2015 as falling oil prices and a slumping
economy cause the government's deficit to rise.
First Deputy Finance Minister Tatiana Nesterenko said Friday the government would ask parliament to allow the spending of up to 3.2 trillion rubles ($52.36 billion) from the Reserve Fund in 2015, including 500 billion rubles already envisaged in the budget.
The increase means that Russia could spend well over half of the fund, currently worth $85 billion, in a single year — a rapid run-down of the fiscal buffers that underlines the precarious state of government finances.
Russia is presently revising its budget for this year, which was based on the assumption the oil price would be $100 per barrel — well above its current level of around $60 per barrel. Ministers have previously said the budget will now assume an average oil price of $50 per barrel.
Read more: Russia to Take $50 Billion From Reserve Fund This Year to Plug Swelling Deficit | Business | The Moscow Times
First Deputy Finance Minister Tatiana Nesterenko said Friday the government would ask parliament to allow the spending of up to 3.2 trillion rubles ($52.36 billion) from the Reserve Fund in 2015, including 500 billion rubles already envisaged in the budget.
The increase means that Russia could spend well over half of the fund, currently worth $85 billion, in a single year — a rapid run-down of the fiscal buffers that underlines the precarious state of government finances.
Russia is presently revising its budget for this year, which was based on the assumption the oil price would be $100 per barrel — well above its current level of around $60 per barrel. Ministers have previously said the budget will now assume an average oil price of $50 per barrel.
Read more: Russia to Take $50 Billion From Reserve Fund This Year to Plug Swelling Deficit | Business | The Moscow Times
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