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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

Russia empties Reserve Fund, makes priority to defense sector

Posted on 22 November 2016

Arms purchases will not be cut, Russia’s Finance Minister Anton Siluanov said to the members of the State Duma when the 3-years Federal Budget for 2017-2019 was approve last Friday, TASS news agency reports.
“Spending on defense is one of the priorities, the volume of purchases of arms and military equipment is not reduced despite all the difficulties,” Siluanov said. The budget envisages a budget deficit of 3,2% of GDP next year while 2019 will se a 2,1% growth…………………………………….Full Article: Source


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