Russian finance ministry unlocks $16 billion from rainy day fund to plug government deficit

Posted on October 20, 2022Comments Off on Russian finance ministry unlocks $16 billion from rainy day fund to plug government deficit

© Reuters. FILE PHOTO: An employee holds sheets of the newly designed Russian 100-rouble banknotes at the Goznak printing factory in Moscow, Russia July 6, 2022. Moscow News Agency/Handout via REUTERS

MOSCOW (Reuters) – Russia’s finance ministry on Thursday said it was drawing down 1 trillion roubles ($16.25 billion) from the country’s National Wealth Fund (NWF) to help cover the government’s budget deficit this year.

Russia is expected to post a budget deficit of around 2% of GDP this year, as the fallout from Western sanctions and the costs of Moscow’s “special military operation” in Ukraine weigh on the economy and the government’s finances.

($1 = 61.52 roubles)

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Comments Off on Russian finance ministry unlocks $16 billion from rainy day fund to plug government deficit