Russia » Economics

No more defaults in Russia

Moscow, November 28—Russia has eliminated even a slightest chance of default thanks to the establishment of Russian Stabilization Fund, reported Minister of Finance Alexei Kudrin on Friday after a new law “of Stabilization Fund” has been accepted by the State Duma.

According to Kudrin, the fund will “become a serious insurance mechanism from unexpected cataclysms.” “Thank God, State Duma has learned its lesson from previous default of 1998 and has finally created such mechanism.” 

Minister of Finance has also coined StabFund establishment as the most significant event in Russian politics. Kudrin stated, “This is Duma’s fundamental achievement and a great way to gain stability in Russian economy.” “This law deserves respect.”

The law regarding the Stabilization Fund establishment has been accepted on Friday during the third reading. This is a first time that such fund is being created in the country. With 226 votes needed, 259 delegates voted to accept the law. Only 74 were against.  

While addressing the document, head of the Duma’s budget committee Alexandr Zhukov has stated that in compliance with the law, Stabilization Fund of Russian Federation comprises a part of the federal budget that accumulates from oil price increase on the market, reports "RIA Novosti".


 

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