BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/19
The National Welfare Fund held assets of 4.8 trillion rubles ($74 billion) at end-April. About a third of that was held in less liquid assets like long-term bank deposits or debt securities of Russian firms, while the rest consisted of highly liquid foreign-currency securities. The National Welfare Fund was originally established to fund the pension system, not budget deficits. In recent economic discussions and the economy ministry’s latest forecast, however, both funds are lumped together as a source for financing budget shortfalls.