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

Russia: Cabinet approves using sovereign fund for stimulus

Posted on 26 July 2013

The Cabinet on Thursday approved measures to spur economic growth, largely by dipping into a fund that soaks up oil revenues, Economic Development Minister Alexei Ulyukayev said at a Cabinet meeting. The economy grew just 1.7 percent in the year’s first half.
Investment is in decline, as is export, Ulyukayev said. The only economic stimulus in place is the growth of personal incomes, he said. The stimulus package backed Thursday envisages using the money in the National Welfare Fund, now worth $86.5 billion, to invest in infrastructure projects and support bank lending programs for small businesses………………………………………..Full Article: Source


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