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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials, Fund Management/Administration

Putin rules to use wealth fund money to cover pension deficit

Posted on 14 June 2013

Russian President Vladimir Putin has ordered the government to decide how many resources from the National Wealth Fund, designed to secure the pension system, could be used to cover the deficit of the pension fund, as cited by RIA Novosti on Thursday.
“Depending on the parameters of a formula to calculate pensions, we need to set limits within which we can use the resources of the National Wealth Fund to cover the deficit of the pension fund,” Putin, who is serving his third term in the Kremlin, said in his budget address to the government. Putin also said that resources of the National Wealth Fund and pension savings have to be used to finance infrastructure projects, whose implementation could help spur growth in a stagnating economy, among other measures………………………………………..Full Article: Source


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