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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

Russia to curb borrowing as oil prices trim 2011 deficit

Posted on 01 March 2011

From Bloomberg: Russia, the world’s biggest oil producer, will curb borrowing plans this year as higher revenue from oil narrows the budget deficit to less than 2 percent of gross domestic product, Finance Minister Alexei Kudrin said.
The Finance Ministry won’t use its sovereign Reserve Fund to finance the shortfall, which is officially forecast at 3.6 percent of GDP, Kudrin told Prime Minister Vladimir Putin today, according to a transcript published on the government’s website……………………………………….Full Article: Source


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