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Russian Minister Says Reserve Fund Extensively Used To Cover Deficit

Russian Finance Minister Anton Siluanov made his remarks at a State Duma session in Moscow on November 18.

Russia's Finance Minister Anton Siluanov says his country has used 4.7 trillion rubles ($72.6 billion) from the government's Reserve Fund to cover budget deficits over the last two years.

Speaking at a State Duma session on November 18, Siluanov said that by the end of this year the Reserve Fund will be down to 1.1 trillion rubles ($17 billion), which will be used to cover the projected budget deficit in 2017.

Siluanov also said that in the next three years state budget revenues will rise due to "modifications" of taxation in the oil-and-gas sector and other changes.

The Duma adopted the 2017 state budget in its first reading on November 18.

Lawmakers were expected to vote on the second and the third readings in December.

Based on reporting on TASS and Interfax