Proposed Spending From Russia's Reserve Fund Rises as Crisis Swells Deficit

By Reuters

March 4, 2015

Russian Finance Minister Anton Siluanov said Wednesday that the country proposes spending 3.7 trillion rubles ($60 billion) from the Reserve Fund this year, Interfax reported, leaving only 1.7 trillion rubles by year-end.

A Finance Ministry official had said late last week that Russia planned to spend 3.2 trillion rubles from the fund.

Low oil prices and a slumping economy are causing the government's deficit to rise. The budget plan projects that it will reach 3.8 percent of gross domestic product this year.

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