The Russian Finance Ministry proposed to send to cover the budget deficit in 2017 1,061 trillion roubles from the Reserve Fund and 663,5 billion rubles from the national welfare Fund, RIA “Novosti” with reference to the draft amendments to the law on the Federal budget for 2017, published on the Federal portal of projects of normative-legal acts.
Budget revenues in 2017 will be 1.1 trillion rubles more than planned, and the cost of this increase to 315 billion roubles.
In addition, the Finance Ministry still intends to produce in 2017 net borrowing in the market amounting to 1.05 trillion rubles.
Earlier, Finance Minister Anton Siluanov said the Reserve Fund in the current year may not be spent completely, and NWF may not be necessary as additional oil and gas revenues from the high price of oil in 2017, the Ministry of Finance forwards to purchase foreign currency to replenish the reserves.
Under the current law on the budget for 2017-2019, the Ministry of Finance planned in 2017 to spend the Reserve Fund is fully used for financing deficit of 1.15 trillion rubles, and also to direct on these purposes from the Fund even 668,2 billion.
As of January 1, according to the Finance Ministry, the total volume of the Reserve Fund in the ruble equivalent amounted to 972,132 billion roubles on may 1, 2017 – 931,3 billion.
As of January 1, 2017, the aggregate amount of funds of the national welfare Fund in the ruble equivalent amounted to 4,359 trillion roubles on may 1, 2017 – 4,192 trillion rubles.