There is no money. Russia’s reserve Fund closing

Денег нет. Резервный фонд России закрывают

All the money from the Fund was used to cover the budget deficit.

The Russian government Reserve Fund (more than 1 trillion rubles) in December last year was sent to cover the budget deficit and 1 February 2018, he will cease to exist. About said the Ministry of Finance of the Russian Federation, RBC.

Finance Minister Anton Siluanov said that in 2017, sovereign wealth Fund, the government has spent more than $ 2 trillion, 660 billion rubles from the national welfare Fund (NWF) and 1.5 trillion roubles from the Reserve Fund.

However, according to the Minister, the Federal budget deficit in 2017 amounted to about 1.6% of GDP.

Initially, the law on the budget for 2017 was the deficit at 2.5% of GDP, but when editing it was reduced to 2.2% of GDP.

Reserve Fund and national welfare Fund was established in 2008 as a result of division of the Stabilization Fund, which has channelled additional oil and gas revenues.

Previously it was assumed that Russia’s Reserve Fund will be fully spent to cover the deficit of state budget in 2017.