04 June 2004 19:49
Stabilization fund to reach 300 bln rubles by end 2004 - Zhukov (Part 2)
MOSCOW. June 4 (Interfax) - The stabilization fund into which Russia is channeling oil revenues will reach 300
billion rubles by the end of 2004, Deputy Prime Minister Alexander Zhukov said at the Corporate Governance and Economic
Growth conference.
"We think 120 billion-140 billion rubles will enter the stabilization fund this year. The stabilization fund is
already bigger than that, and by my reckoning it will contain at least 300 billion rubles by the end of the year,"
he said.
"Thus, we will have a reserve of more than $10 billion," Zhukov said.
The stabilization fund was started in 2003. The difference between true oil prices and oil prices factored into the
budget is used not to finance routine expenditures but is put into the stabilization fund, the purpose of which is to
create a reserve, Zhukov said.
"This is a mechanism that will enable us to pursue a balanced credit policy," he said. [RU ASIA EUROPE EEU
EMRG FUND FIN ECI RESF POL] pr
[Interfax] |
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