The reserve fund shall be desolate in 2010

Finansy28-07-2009 Reserve Fund shall be desolate in 2010, the Reserve Fund of the Russian Federation will be depleted in 2010. But even at the beginning of the year it was 4.028 trillion rubles. Moreover, the crisis will force Russia to resort to external borrowing. In 2010, the state will place eurobonds on $ 17.78 billion, because the country will have three years scarce. However, such measures are justified, said Bigness.ru expert TsMAKP Elena Penuhina. Probably most of our compatriots have been sadly surprised by reports that the reserve fund of Russia will be depleted in 2010. It officially declared head of fiscal policy and methodology of the Ministry of Finance of Russia Alexey Lavrov. The crisis will force Russia not only spend all reserves accumulated during periods of high oil prices, but also resort to external borrowing. However, first things first. Recall that Russia's international reserves consist of three components: a gold and currency reserves (GCR), the National Welfare Fund (NWF) and the reserve fund. The contingency fund at the beginning of 2010 will be 1.55 trillion rubles. or 3,7% of GDP. According to Lavrov, as the RIA Novosti news agency, these funds will be expended during the year. But even at the beginning of 2009 the reserve fund stood at 4.028 trillion rubles. (10,5% of GDP).