MOSCOW, August 3 (RIA Novosti) - Russia's Reserve Fund declined 4.9% to 2.811 trillion rubles ($89.9 billion) while the National Welfare Fund grew 1.6% to 2.859 trillion rubles ($91.5 billion) in July, the Finance Ministry said on Monday.
The Reserve Fund was set up to cushion the federal budget against a fall in oil prices, and the National Welfare Fund is intended to help the government carry out pension reforms.
According to the ministry, "In the current year, 1.616 trillion rubles ($51.7 bln) were channeled from the Reserve Fund to balance the federal budget, including 180 billion rubles ($5.8 billion) in July.
Russia's Reserve Fund is expected to fall to 1.55 trillion rubles ($50 billion) by the yearend and run out in 2010 while the National Welfare Fund will fall to 2.8 trillion rubles ($91 billion) by the yearend and down to 94 billion rubles ($3 billion) by the end of 2012.
