One of Russia's two rainy-day funds could be depleted by end of 2017 July 6, 2016 - 18:36 AMT PanARMENIAN.Net - A Russian official says one of the country's two rainy-day funds could be depleted by the end of next year as the government tries to fill its budget deficit, the Associated Press reports. Deputy Finance Minister Sergei Storchak told the Tass news agency Wednesday, July 6 that the Reserve Fund, which contains $38 billion, could run out by the end of 2017. Russia has been running budget deficits since 2014, when its economy was hit by Western sanctions and dropping energy prices. The government had been saving money made on the sale of oil since the 2000s and sees the two funds as the country's ultimate safety net. The second fund, the National Welfare Fund, currently holds twice as much as the Reserve Fund, AP says. Officials say they're not expecting a budget surplus for another three years.  Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Armenian cemetery in Fresno hit by arsons six times since January  Six total incidents have burned 19 old-growth trees. Friday night 8 trees were torched along the beautiful main entrance.Iran vows to “decisively” defend sovereignty, national interests The Iranian embassy in Armenia has defended its “defensive and proportional action in in occupied Palestine.”Armenian shooter Elmira Karapetyan Armenian shooter Elmira Karapetyan won gold at the ISSF World Olympic Qualification Tournament in Rio de Janiero.Britain said to have entered talks to deport migrants to Armenia Britain is said to have entered talks to replicate the Rwanda migrant deportation scheme with Armenia. |
