| At some point in 2017, Russia will deplete one of its two sovereign funds, after running through some $87 billion since 2014, according to a Finance Ministry spending proposal seen by Reuters.
About a third of another fund, the National Welfare Fund, will be tapped to cover the budget deficit. The fund, holding about $73 billion at the start of July, was intended to be spent on the pension system rather than budget shortfalls, Reuters says. One third of the National Welfare Fund is tied up in the state development bank Vneshekonombank (VEB) and other projects, according to The Moscow Times...............................................Full Article: Source |