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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Russia may need to borrow abroad this year

Posted on 10 June 2009

From Bloomberg: Russia’s Reserve Fund, one of its two sovereign wealth funds, fell $5.8 billion in May to $101 billion as the government transferred money to reverse a widening budget shortfall. The National Wellbeing Fund rose to $89.9 billion from $86.3 billion in the same month. The Reserve Fund may be exhausted by the end of next year, Finance Minster Alexei Kudrin said.

Russia’s sovereign debt may more than double from the current level to 15 percent of gross domestic product, which will be short of a “critical level,” according to Trust. …….Full Article: Source


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