Russia to tap rainy-day fund – minister ...News

Moscow will use the money to cover the budget deficit, the Finance Ministry says Russia’s Finance Minister Anton Siluanov said on Wednesday that the National Wealth Fund (NWF), which accumulates revenue from oil exports, will be the main source of financing for a budget deficit expected to reach 1.6 trillion rubles ($21.6 billion) in 2022. He noted that a spending limit would be imposed to prevent the fund from drying up. “If revenues will be higher than planned, we will spend less from the NWF. In the opposite case, we will spend more from it,” Siluanov said. According to the minister, Russia will also channel 50

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