Russia's Reserve fund to be exhausted in 2017 — finance ministry

Russia's Reserve fund to be exhausted in 2017 — finance ministry

The Russian Reserve Fund will be exhausted over the course of the next year, the budget deficit financing will start from the Russian National Wealth Fund, Deputy Finance Minister Alexei Lavrov told journalists on Friday, TASS reports.

"The Reserve Fund, as I remember, will be used up over the next year," Lavrov said. He added that once the fund is exhausted, the budget deficit financing will start from the National Wealth Fund.

The official has also noted that the lack of funds for budget deficit after privatization of Bashneft was postponed could be covered by domestic borrowing.

"Various sources could be used to cover the deficit, including domestic borrowing," he added.

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