MOSCOW, June 1 (RIA Novosti) - Russia's Reserve Fund
dropped by 11.9% to 3.127 trillion rubles ($100.95 billion),
and the National Prosperity Fund declined 3% to 2.784 trillion
rubles ($89.86 billion) in May, the Finance Ministry said on
Monday.
As of May 1, the Reserve Fund stood at 3.551 trillion
rubles ($114.62 billion) and the National Prosperity Fund
amounted to 2.869 trillion rubles ($92.61 billion).
The Reserve Fund was set up to cushion the federal budget
against a fall in oil prices, and the National Prosperity Fund
is designed to help the government carry out pension reforms.
Russia's Finance Ministry has said a total of 1.6 trillion
rubles will be spent from the Reserve Fund to cover the deficit
in the first half of 2009 alone.
Finance Minister Alexei Kudrin earlier said budget
spending had increased in the first quarter as the government
allocated additional funds for anti-crisis measures, in
particular measures to support the pension system, regional
governments and key sectors of the economy, such as the defense
complex and the auto industry.
He said the largest budget deficits were expected in the
second, third, and possibly fourth quarters, as the government
spends more on anti-crisis measures. The minister said the
projected 7.4% federal budget deficit in 2009 would be covered
by the Reserve Fund.
News
