Economic news
Russian finance ministry unlocks $16 billion from rainy day fund to plug government deficit
2022.10.20 06:57
Russian finance ministry unlocks $16 billion from rainy day fund to plug government deficit
Budrigannews.com – 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)
