What the Reserve Fund of the Country will be Spent On?
Vladimir Putin gave a command to spend the means of Reserve Fund
VLADIVOSTOK. February 18. VOSTOK-MEDIA – “The Russian budget deficit will be covered through borrowings from the means of Reserve Fund. Its volume is estimated at 4.8 trillion rubles.”- stated Vladimir Putin, Chairman of the Government.
According to Vladimir Putin readjusting of the budget it is necessary to take into account maintaining of macroeconomic stability and stability of national currency. That’s why the budget deficit should not exceed the safe level that was defined by the experts of Ministry of Finance and Central Bank of the country.
The Prime Minister also stated that after the suggested readjustment of the budget expenditures in 2009 will be increased significantly in comparison with 2008.
He explained that the core of the Government policy is reallocation of expenditures along with retention of all undertaken social commitments including increasing of labor compensation fund by 30 % and the like.
“We budgeted extra charges of supporting of the economy including banking center and fields of real sector of economy including military-industrial complex, transport, small business, mechanic engineering and agriculture”- emphasized Vladimir Putin.
He also reminded that there will be additional support of the territorial subjects of the Russian Federation and supplementary grants to Pension Fund.
According to the data from the Ministry of Finance around 350.44 billions rubles will be spent on covering of the budget deficit in the year 2009, 2010 – 431.3 billions and in 2011 486.2 billions.