The Finance Ministry is considering the possibility of merging the national welfare Fund (NWF) and Reserve Fund. On Monday, June 19, said the Minister Anton Siluanov, reports TASS.
Plans to invest SWFs in infrastructure projects needs to be done, but the remaining part of this resource is also a source for covering the expenditures of the Federal budget as a Reserve Fund, Siluanov noted. "I do not exclude that we can consider consolidating the resources of these funds in order to create a unified funding sources of the budget deficit," he said.
The merger of sovereign wealth funds will require legislative changes, but with the government this idea was not discussed until this issue is addressed only within the Ministry of Finance, said Siluanov. Next year the volume of Reserve Fund will increase to 623 billion rubles, said the Minister.
In may, the Finance Minister said that the Reserve Fund in 2017 will be spent fully, after which the Ministry of Finance will start to use the NWF. According to him, next year the Fund will be allocated the sum in 2017 oil and gas revenues.
In 2017 the Ministry of Finance of Russia plans be allocated to cover the budget deficit 1,061 trillion rubles from the Reserve Fund and 663,5 billion rubles from the national welfare Fund.
According to the Agency, the amount of the Reserve Fund on June 1, was 932,7 billion rubles (16.5 billion dollars), FNB — 4,192 trillion rubles (74,18 billion).