06.07.2016 - Russia to empty one of its sovereign funds next year
Russia will exhaust one of its two sovereign funds next year, according to a finance ministry proposal seen by Reuters, having by that point run through $87 billion since the beginning of 2014 to fill holes in the budget left by a slump in oil prices. Russia will also spend over the next three years about a third of another of its funds on covering the budget shortfall, the proposal showed, even though that fund was originally intended to cover long-term deficits in the pension system. The finance ministry proposal, which contains recommendations on spending, has been submitted to the government for its consideration but not yet approved...............................................Full Article: Source
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