Monday, December 5

Russian finance ministry unlocks $16 bln from rainy day fund to plug government deficit

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MOSCOW — Russia’s finance ministry on Thursday said it was drawing down 1 trillion roubles ($16.25 billion) from the country’s National Wealth Fund (NWF) to help cover the government’s budget deficit this year.

Russia is expected to post a budget deficit of around 2% of GDP this year, as the fallout from Western sanctions and the costs of Moscow’s “special military operation” in Ukraine weigh on the economy and the government’s finances.

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($1 = 61.52 roubles) (Reporting by Reuters)