Next year could become the last for the Reserve Fund, Russia’s Finance Minister Anton Siluanov said Tuesday. The minister noted that Russia’s Reserve Fund will no longer be the main source to finance budget deficit from 2017.
"Our reserves volume [in 2015 - TASS] will decrease by approximately 2.6 trillion rubles ($40.85 bln) - more than half. This means that 2016 is the last year when we are able to spend our reserves that way. After that we will not have such resources," he said.
In the draft budget for 2016, the Reserve Fund is considered as the main source to finance the budget deficit. In particular, it is planned to allocate 2.137 trillion rubles for this purpose.
As a result, in the end of 2016 the fund will shrink to 1.051 trillion rubles ($16.4 bln), or 1.3% of GDP. In the beginning of 2015 the fund amounted to 4.946 trillion rubles ($77.161 bln), or 6.7% of GDP.
According to the 2016 budget draft by the Ministry of Finance, revenues of Russia’s federal budget for 2016 are projected at 13.577 trillion rubles ($217 bln), expenses at 15.761 trillion rubles ($252 bln), leading to budget deficit of 2.184 trillion rubles ($34.9 bln).