The money ran out. In Russia stopped the existence of strategic Reserve Fund
From 1 January 2018 ceased to exist, the Reserve Fund of the Russian Federation, because it just didn’t have enough money. All additional revenues of the Russian budget will now be sent to the national welfare Fund.
The reserve Fund was intended to Finance the budget deficit in the case of a sharp drop in revenues. According to the Ministry of Finance of the Russian Federation, as of December 1, 2017 year amounted to 995 billion rubles (about 480 billion UAH). About it reports “Radio Freedom”.
Both funds were established nine years ago as a result of division of the Stabilization Fund.
The national welfare Fund was divided into two parts: one intended for payment of pensions in the long term, the other for investments in sustainable infrastructure projects. According to the Minister of Finance of Russia Anton Siluanov, on January 1, the size of the national welfare Fund should amount to 3.8 trillion rubles (about 1,8 trillion UAH).
We will remind, at the end of 2016, the Russian state Duma adopted the draft Federal budget for 2017-2019. To cover the budget deficit in 2017 planned due 1,152 trillion rubles from the Reserve Fund and 659,6 billion rubles from the national welfare Fund.
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