Russia to cover budget deficit with rainy-day fund in 2022

Russia to cover budget deficit with rainy-day fund in 2022

Russia's National Wealth Fund (NWF), a rainy-day cushion containing oil revenues, will be the main source of financing for a budget deficit seen at 1.6 trillion rubles ($21.6 billion) or more in 2022, Russian Finance Minister Anton Siluanov said.

"The National Wealth Fund will be the main source of funding for expenditures in the near future," Siluanov said, adding 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, then we will spend more from it."

Russia will not borrow on the domestic market this year but could gradually return to borrowing in 2023 if inflation and OFZ government bond prices stabilised, Siluanov added.

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