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Russian Stabilization Fund will grow to unprecedented proportions

April 11 2006
18:32

The government commission for budget projections today considered a promising financial plan of the Russian Federation for 2007 to 2009, which information was received that the Stabilization Fund of Russia at the end of 2009 could reach 4.753 trillion rubles. According to a document at the beginning of 2009 the Stabilization Fund, expected to reach 3.739 trillion rubles, and within a year it has received 1.014 trillion.

Meanwhile, on 1 April this year, the Stabilization Fund is estimated 1 trillion 677.4 billion rubles.

Recall that the Stabilization Fund of Russia began to take shape in January 2004. in order to reduce the risks associated with unfavorable external economic conditions, as well as a tool to sterilize excess money supply in circulation. It received "windfall" of the budget, resulting from the high oil prices.

Under Russian law, using the fund over the base amount (500 billion rubles.) Can be on the early repayment of foreign debt. However, now seriously thinking about how to raise the base amount, which can not be spent. For the first time the same fund was reduced in June last year (336.6 billion rubles).. These funds were directed to early repayment of external debt of Russia to the Paris Club, RBC reports.

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