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Russia's reserve Fund ceased to exist
Reserve Fund and national welfare Fund was established in 2008 as a result of division of the Stabilization Fund, which the authorities sent additional revenue from rising prices for hydrocarbons. The reserve Fund in this scheme was the source of financing the budget deficit in the case of the sharp fall in Treasury income. NWF was created as part of the mechanism of pensions in the long term, and the other part of its funds were invested in long-term sustainable infrastructure projects.

The authorities planned to fully utilize the Reserve Fund last year. The NWF on January 1, 2018, according to the forecast of the Minister of Finance Anton Siluanov, should amount to 3.7 trillion rubles, and its liquid part, that is, balances not invested in assets of 2.3 trillion rubles.

In 2018, the NWF will replenish currency in the 829,2 billion rubles, which the Ministry of Finance bought in the market through its currency operations last year. The authorities expect that 2018 will be the last year when the budget deficit will be financed from the Fund for that purpose and to co-Finance voluntary pension savings will be directed 1,114 trillion rubles.

In subsequent years, expected spending from the Fund only for retirement savings — 4.5 billion rubles in 2019 and 3.8 billion in 2020. The Ministry of Finance will continue to replenish the Fund, directing it bought the budget rule currency.

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