In Russia here-here will run out of money in the Reserve Fund and start spending other savings
In Russia here-here will run out of money in the Reserve Fund and start spending other savings
© Reuters
The funds will select the national welfare Fund.
The reserve Fund of Russia is fully exhausted in 2017. Then means, which is not enough in the budget, will take in the national welfare Fund.
In an interview with the magazine “Ogonek” said the Chairman of the accounts chamber of Russia Tatiana Golikova.
“For budget calculations, in 2017, the Reserve Fund will be completely exhausted and the government will switch to using the funds of the national welfare Fund. Glad that backing money to use for financing of budget expenditures will be lower in 2019 – 140 billion (in 2017 – 1.8 trillion rubles). But there is something that concerns the growth of domestic borrowing: up to 1.9 trillion rubles a year, or 680 billion more than in 2016. The more debt, the more you have to pay according to his interest,” he said.
Money is a sustainable business.
“Investors, banks, large corporations, these investments belong to the category of low-risk. The concern is that if by 2015, the government is more likely to not fulfill a “plan” for borrowing (taking less than to itself allowed), 2015 “quota” is selected completely. And now the main thing is not to let the supply exceeded the demand, because it will raise interest, and that additional budget expenditures. A vicious circle,” – said the Chairman of the accounts chamber of the Russian Federation.
At the same time, it assures that the Russian economy has adapted to unfavorable conditions.
“I would characterize the situation as a “perfect adaptability”, adaptability to the existing conditions. By the latter I mean the conditions and external (sanctions) and internal (the crisis). If we talk about growth or further declines, then the trend to the end is not decided yet: from the point of view of indicators such as output growth, gross domestic product, the economy demonstrates the fluctuating dynamics of one month fix, the fall, the next rise, then fall again and rise again. But barely a noticeable shift towards the latter is still visible. We hope that 2017 will meet the expectations”, – said Golikova.
We will remind, last week the Russian state Duma adopted the draft Federal budget for 2017-2019. To cover the budget deficit in 2017 plan due 1,152 trillion rubles from the Reserve Fund and 659,6 billion rubles from the national welfare Fund. This writes the “Novaya Gazeta”. The government hopes to increase budget revenues in the coming years, but spending next year will significantly exceed the revenues and will amount to 16 trillion 240,8 billion rubles, in 2018 – 16 trillion 39.7 billion rubles, and in 2019 – 15 trillion 986,98 billion.
At the same time the government draft amendments to the state budget in 2016, some details of which became known last week, secret articles increased by 678,3 billion. A budget 2017 provides that the so-called private costs will amount to almost 18%.
Earlier it was reported that the Russian budget for the first time in 20 years does not make a profit from the Central Bank.