One of Russia's two rainy-day funds could be depleted by end of 2017July 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 | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. |