Russia Seeks to Dip Deeper Into Wealth Fund to Cover Deficit
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Russia’s Finance Ministry is seeking permission to use more money from one of the country’s two sovereign wealth funds as a deteriorating economy and last year’s drop in oil prices dry up budget revenue.
The ministry in Moscow wants to use 3.1 trillion rubles ($50 billion) to 3.6 trillion rubles of the 5.9 trillion-ruble Reserve Fund, First Deputy Finance Minister Tatiana Nesterenko said in a statement on Friday. The government was previously able to use 500 billion rubles to cover the budget gap. The deficit may be 3.7 percent of economic output this year, the widest since 2010, she said.