To close the gap, the county has been drawing down reserves for the last few years.
Bank officials expect to keep drawing down reserves in the coming quarters.
The point at which we would begin drawing down reserves would occur earlier and the reserves would run out sooner, but this is not an immediate problem".
Drawing down reserves would increase the country's cost of foreign capital, weaken its currency and further delay economic reforms that depend on eventual convertibility of the yuan.
Among the options to try to close it, he said, were borrowing from the separate peacekeeping budget, drawing down reserves and freezing recruitment, travel, equipment purchases and salary payments.
Vladimir I. Tikhomirov, chief economist at UralSib bank, said Russia could even slip through 2010 by drawing down reserves without needing to borrow abroad if oil prices rose slightly and the global economy remained at least stable.
Alcatel, the French telecom supplier, has a history of drawing down reserves to paper over a bad quarter.
French telecom supplier Alcatel, for instance, has a history of drawing down reserves to paper over a bad quarter (FORBES, Aug. 20).
We see that the 2008/9 financial crisis consisted of collapsing oil prices and diminished foreign borrowing pulling GDP growth into negative territory as Russian financial authorities drew down reserves to stabilize the economy.
A reasoned analysis, such as the one published by NASI, clearly points to the year 2020 as the turning point when the Social Security system begins to draw down its reserves.
