Siluanov: the Reserve Fund will be maintained in a stable oil price of $50 per barrel
MOSCOW, January 13. /TASS/. The reserve Fund may be maintained and not completely exhausted in 2017 if oil price will remain at $50 per barrel. This was reported to journalists by the Minister of Finance of the Russian Federation Anton Siluanov during a speech at the Gaidar forum.
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“We can (to keep the Reserve Fund when the oil price of $50 per barrel – approx. TASS), because the amount of additional revenue (budget approx. TASS) may be about 1 trillion rubles,” – said the Minister.
Siluanov added that revenues from non-oil sector should be directed to the costs of supporting the economy and the social sphere. “Revenues from the oil and gas sector, I think we should send a note to to reduce expenses Reserve Fund,” – said the Minister.
In addition, the price of oil at $50 per barrel or above will not affect the funds of the national welfare Fund (NWF) in 2017 .
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Siluanov recalled that this year the budget provides for the use of the Reserve Fund and national welfare Fund in the amount of 1.8 trillion rubles. The amount of the Reserve Fund on January 1, is about 970 billion rubles, the share of NWF in this case we have just over 900 billion rubles, said the Minister.
Earlier, the Finance Minister has already said that when the price of oil at $50 per barrel in the budget in 2017 can come to 1 trillion rubles more, half of the additional income can be directed to the Reserve Fund.
When planning the budget for a three-year period, the Ministry of Finance proceeded from the fact that in 2017, the Reserve Fund will be completely exhausted, and by the end of the “three-year” national welfare Fund will be only 500 billion roubles.