Source Pravda.Ru

Stabilization fund to amount to $15bn in 2005

According to the Russian Finance Ministry's forecasts, the volume of Russia's stabilization fund will amount to about 400bn rubles ($13.15bn) by the end of 2005, Russian Deputy Finance Minister Alexey Ulyukayev told journalists today. He pointed out that by the end of this year the financial reserve, which would be transferred to the stabilization fund, would be from 220bn to 230bn rubles ($7.56bn). The fund's surplus is planned to be 76bn rubles ($2.5bn) and 97bn rubles ($3.19bn) in 2004 and 2005 respectively, he specified. So, the basic volume of the stabilization fund, which is planned to be 5.25 percent of Russia's GDP, can be accumulated in about four years, the deputy minister added.