2002 Budget Intends Creation Of Stabilisation Fund

The 2002 federal budget intends creation of stabilisation fund, designed to soften a situation resulting from price falls on Russian exports. This was said to journalists on Friday by presidential economic advisor Andrei Illarionov. He said that the name "stabilisation" is so far tentative for the fund. To Illarionov, the fund's resources may not be spent inside the country until the prices of export commodities get higher than those set in the budget, for example oil prices. He also said that the fund will be formed from deductions from export duties, specifically on oil and metal products, that is export products. In addition, the presidential advisor reported that, initially, resources from this fund can be channelled into foreign debt repayment. Illarionov noted that the stabilisation fund can represent, for example, the Finance Ministry's account at the Central Bank.

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