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Russia Cautious About Preserving Reserve Funds by 2018 – Ex-Minister

© Fotolia / sergey_pRussian rubles
Russian rubles - Sputnik International
Russia will be cautious about not depleting monetary reserves it set aside in the Reserve Fund and the National Welfare Fund, former Finance Minister Alexei Kudrin said Friday.

DAVOS (Sputnik) — Russia’s current finance chief Anton Siluanov said earlier that money from the two sovereign wealth funds could be used to cover the state budget deficit starting next year, if the national economy did not rebound.

Asked if there would be any funds left by 2018, Kudrin told RIA Novosti that, "I think they [funds] will be partially preserved. The government will be spending them with care, judging by its intentions."

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He suggested that funds from the National Wealth Fund, which have not been invested into infrastructure projects, should be added to the Reserve Fund. This will allow the government to count them into future budget plans to prevent tax hikes.

Russia is currently relying on the Reserve Fund. In 2016, the government plans to use 2.2 trillion rubles ($26.6 billion) to cover the budget deficit, using up to two-thirds of the RF savings.

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