Middle East Economic Survey

VOL. XLVII

No 43

25-October-2004

BUDGETS AND REVENUES

Russia Unveils New Rules For Oil Fund

The Russian Government has unveiled new rules for its oil stabilization fund, saying it can now only be invested in top-rated US and European government bonds. The fund is expected to approach nearly Rs600bn ($20.5bn) by the end of this year as a result of fiscal surpluses for the past five years due to conservative management. The new law will allow the government to spend any...