MinFin to intensify domestic borrowing in 2023, minimizing coverage of deficit via NWF - Siluanov

MOSCOW. Sept 22 (Interfax) - The Finance Ministry will intensify borrowing on the domestic market next year, with the upper limit of public debt to be adjusted so as to minimize the use of the National Welfare Fund (NWF) to cover the budget deficit, Finance Minister Anton Siluanov said.

"The main emphasis is on domestic borrowing. This year, after volatility on the financial market, we are beginning to place government securities. We will do it more actively next year, as we expect the capacity of the financial market to increase. In this regard, we will adjust the upper limit of borrowing for the next two years so as to minimize the use of the National Welfare Fund and to attract more resources from the financial market," the minister said at a government meeting on Thursday.

According to Siluanov, "ideally" plans call for abandoning the use of the National Welfare Fund to cover the budget deficit.

"The National Wealth Fund, after reaching the necessary level that ensures budget stability and reliability, will be used for the implementation of infrastructure projects," the minister explained.