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Russian Reserve Fund may be used to cover budget deficit

October 06, 2014, 13:50 UTC+3 MOSCOW
About 500 billion rubles ($12.6 billion) from the Reserve Fund may be used already next year, Head of the parliament’s Committee on Budget and Taxes Andrey Makarov says
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MOSCOW, October 6. /TASS/. Russia’s President Vladimir Putin signed an order that allows from January 1, 2015 using additional oil-and-gas revenues, which normally go to the Reserve Fund, for covering the budget deficit.

The document was published on the online resource of legal information.

Head of the parliament’s Committee on Budget and Taxes Andrey Makarov said that “about 500 billion rubles ($12.6 billion) from the Reserve Fund may be used already next year.”

The budget’s revenues from oil and gas operations, received above the basic oil price ($96 per barrel), go to the Reserve Fund. “We suggest modifying the norm and not to gain the means in the Reserve Fund, but to use them at the planning stage to cover state debt,” Deputy Finance Minister Alexey Lavrov said.

A draft budget for 2015-2017 says foreign borrowings will be $7 billion a year, when in 2015 net revenues will be $3.7 billion, and the rest will be used for settling the foreign debt. In 2016, net revenues will make $5.7 billion. In 2014, Russia did not borrow money abroad.

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