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Siluanov: the price of oil today is different, and to spend the Reserve Fund should be carefully

Силуанов: цена на нефть сегодня другая, и тратить Резервный фонд надо аккуратно

The Minister of Finance of the Russian Federation Anton Siluanov believes that the spending of the Reserve Fund in the current year should not exceed 2.2 trillion rubles. he said this today, speaking during the “government hour” in the Federation Council.

“We see that the price of oil today is completely different — 37-38 per barrel since the beginning of the year and the assessment for the year, we expect approximately $ 40. In these circumstances, revenue will be lower by about 700 billion rubles, than we envisaged initially in the budget law. Budget deficit is more than 420 billion rubles, than laid. Spending the Reserve Fund, which was established by the budget law and provided 2.1 trillion rubles, we believe that we need most carefully to the question to be treated, and we believe that if is exceeded, then only slightly — to 2.2 trillion rubles, not more, with the condition that it will implement all the decisions in the area of revenues, which the government has developed and will offer in specifying the budget for the current year, primarily we are talking about the privatization proceeds and of dividends of “Rosneftegaz”, — quotes “Interfax”the Minister.

According to him, the balance of the Reserve Fund at the end of the year is expected to 900 billion rubles. “we Understand perfectly that you need to carefully apply to the use of the Reserve Fund in the current year”, — added Siluanov.

According to estimates of Finance Ministry, on may 1, 2016, the aggregate volume of the Reserve Fund in the ruble equivalent amounted to 2 trillion 551 billion rubles, the total amount of funds of the national welfare Fund to 4 trillion 823,2 billion.

Earlier in June, speaking at the St. Petersburg international economic forum (SPIEF), a former Russian Finance Minister Alexei Kudrin stated that the Russian economy is now “living through the past”, and accumulated reserves, the country will be able to use no more than 2-3 years.

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