MOSCOW--Russia's finance ministry has proposed increasing the
maximum amount it can draw from the country's reserve fund by more
than six fold, as the government faces strong economic headwinds
and gaps in the oil-dependent budget, first deputy finance minister
said Friday.
Speaking to reporters, Tatiana Nesterenko said that her ministry
wants to reserve a right to use up to 3.2 trillion rubles ($52.4
billion) from the reserve fund, compared with previously approved
500 billion rubles. The reserve fund will be uncorked for the first
time in six years.
The money from the reserve fund, accumulated over years of
buoyant oil prices, will be used to fulfil state obligations and
plug holes in the budget, which this year will be based on an
average oil price of $50 a barrel, half the price envisaged in the
2014 budget.
The 2015 budget plan, which will be handed over to the
government for revisions next week, does not specify Russia's
borrowing plans for this year, Ms. Nesterenko said. Before Russia
was cut off from the global capital market by Western sanctions,
the finance ministry had used to announce its specific borrowing
plan on the local market and abroad.
Write to Andrey Ostroukh at andrey.ostroukh@wsj.com
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