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 Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. 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". Partner news | Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. Armenian government besieged by protesters Protesters led by Archbishop Bagrat Galstanyan poured into Yerevan’s Republic Square to try to surround the seat of Armenia’s government. Armenia, Russia agree on repairing railway destroyed in floods Yerevan and Moscow have agreed to repair a flood-stricken railway in northern Armenia. |