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URGENT: Russia to use much of reserve funds in 2009 amid crisis - Kudrin


MOSCOW, January 30 (RIA Novosti) - Russia will have to spend a significant part of its reserve funds to cover the 2009 budget deficit amid the global financial crisis, Deputy Premier and Finance Minister Alexei Kudrin said on Friday.

"A significant portion of the reserves will be spent in 2009, but not all," Kudrin told parliament.

Kudrin said the Reserve Fund, designed to cushion the federal budget against a plunge in oil prices, and the National Wealth Fund, to help carry out pension reforms, currently total 7.3 trillion rubles ($215 billion).

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