Russia's Vice Premier, Finance Minister Alexei Kudrin
Photo: Dmitry Dukhanin
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Govt Plans to Spend 500bn from Reserve Fund in 2009
Russia’s government plans to spend up to 500 billion ruble from Reserve Fund in 2009, Vice Premier, Finance Minister Alexei Kudrin announced, specifying that the actual amount might be even bigger. “We will make the final estimate after December 1, 2008,” the vice premier said.
Spending the money of Reserve Fund, Kudrin reminded, depends on the oil price. “In 2009, given our oil price forecast of 50 U.S. dollar/bbl, which we will make more precise, we will have to use the Reserve Fund but to the insignificant extent,” Kudrin said. There are no plans to spend huge amounts from Reserve Fund in the near three to ten years, the official made clear.
Not only the oil and gas revenues but also other revenues will be shedding because of the global crisis, Kudrin predicted, adding that they apprehend economy’s slowdown as well. In view of it, the RF State Duma authorized the government to refer to Reserve Fund should other revenues, the ones not related to oil and gas, ultimately decline. “Both 200 billion ruble and 400 billion ruble” could be spent for this purpose in 2009, Kudrin said.
According to Kudrin, the Reserve Fund currently amounts to 3.5 trillion ruble. “If it isn’t filled but only spent by roughly 500 billion ruble each year, its stockpile will suffice for between seven years and from 15 years to 20 years depending on the actual rates of the economic growth and how we will be balancing the budget,” Kudrin said. “We will be able to go through the crisis and stop using the Fund, having preserved it,” the vice premier concluded.
www.kommersant.com
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