Russian govt could consider reducing use of NWF for additional budget expenditures in 2023-2024

MOSCOW. Aug 3 (Interfax) - The Russian government could consider reducing the use of funds from the National Wealth Fund (NWF) in order to finance additional federal budget expenditures in the transition period of 2023-2024, taking into account the situation in the economy and the financial system, the Finance Ministry's press service said in a statement.

The Finance Ministry recalls that it has been envisaged to utilize the NWF in order to finance additional federal budget expenditures in excess of the rule, as part of the transitional provisions of the budget rule. The rules have also established a cut in the maximum amount of allocated funds from 2.9 trillion rubles this year to 1.3 trillion rubles in 2024, with a gradual transition toward normalizing budget policy in 2025.

The approach is intended to assist in ensuring economic and financial stability, according to the statement.