Russia's Reserve Fund enough to balance budget for years - Putin

[Purveyor]

MOSCOW, February 17 (RIA Novosti) - Russian Prime Minister Vladimir Putin said Tuesday at an economic conference that the country's Reserve Fund will be sufficient to balance this year's and future budgets.

The Reserve Fund was designed to cushion the federal budget against a fall in oil prices. Finance Minister Alexei Kudrin has said there would be extensive use of reserve funds to cover the 2009 budget deficit, which he said could total at least 6% of GDP.

"The deficit will be covered from our own resources: activities on the domestic loan market and the Reserve Fund, which currently stands at 4.8 trillion rubles <$132.6 billion>. These funds will be enough to balance the budget in this and subsequent years," Putin said.

According to the parameters of the federal budget for 2009 approved last year, expenditures were to total 9.024 trillion rubles ($248.4 billion at current exchange rates) and revenues slightly over 10 trillion rubles ($275.3 billion). These figures will be adjusted.

Putin also said the government would include the cost of implementing its anti-crisis program in the revised budget.

He said that although budget revenues would be cut, the government would not refrain from implementing key social and investment programs.

"In addition, new expenses will be fixed in the budget as part of anti-crisis measures," he said.

RIA NOVOSTI: http://en.rian.ru/business/20090217/120191393.html

[Winterblues]

1. And they have National Single Payer Health Care

:shrug: Canada also has a Surplus with National Single Payer health Care.

[whosinpower]

2. Wow - talk about a disconnect

Imagine for a moment - failed communist state of Russia is able to weather the economic storm, and capitalist America is bankrupt.

[JVS]

3. It's good to see that the drop in oil price hasn't completely wrecked Russia.

[Javaman]

4. Or until the price of oil and natural gas tanks...oh wait.

so tell me mr. putin, why then have you devalued the ruble over 20 times in the past 2 years?

[pampango]

5. Are you looking behind the curtain? Surely you must believe the word of a trustworthy man

like Mr. Putin. ;)

[Javaman]

6. I mean, I did look him in the eyes and all...

:rofl: