On January 4, 2018, Russia’s finance ministry said it had fully spent its reserve fund, as planned, in late 2017 to cover budget shortfalls.
The finance ministry said it converted foreign currency it had in its reserve fund into rubles and channeled more than 1 trillion rubles ($17.53 billion) to cover budget deficit in December.
The National Wealth Fund, which is designed to help balance the pension system, fell to $65.15 billion as of Jan. 1. from $66.94 billion as of Dec. 1.
The reserve fund is part of the country’s gold and forex reserves that stood at $432 billion as of Dec. 22.
In 2018, the Russian budget deficit will amount to 1,271 trillion rubles. Of these, 1,114 trillion roubles it is planned to pay the expense of the NWF.
In 2019-2020, the state budget will remain deficit 819 billion in 2019 and 870 billion in 2020.
Russia’s military budget peaked in 2015 and will be $41 billion in 2018.
Wang is a prolific business-oriented writer of emerging and disruptive technologies. He is known for insightful articles that combine business and technical analysis that catches the attention of the general public and is also useful for those in the industries. He is the sole author and writer of nextbigfuture.com
, the top online science blog. He is also involved in angel investing and raising funds for breakthrough technology startup companies.
He gave the recent keynote presentation at Monte Jade event with a talk entitled the Future for You. He gave an annual update on molecular nanotechnology at Singularity University on nanotechnology, gave a TEDX talk on energy, and advises USC ASTE 527 (advanced space projects program). He has been interviewed for radio, professional organizations. podcasts and corporate events. He was recently interviewed by the radio program Steel on Steel on satellites and high altitude balloons that will track all movement in many parts of the USA.
He fundraises for various high impact technology companies and has worked in computer technology, insurance, healthcare and with corporate finance.
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