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The Finance Ministry has printed out the latest potbelly: the Reserve Fund will combine with the Fund
Material posted: Publication date: 25-06-2017
The government continues to seek a way to cover the budget deficit. At this time the authorities reached the national welfare Fund, which holds funds for financing pension payments. However, officials could spend this money on patching the "hole" in the Treasury, requires change in legislation. And the Ministry of Finance has found a way to bypass the sharp corners. As stated by the head of Department Anton Siluanov, plans to unite the NWF and the Reserve Fund which will be exhausted in 2017. Thus, officials decided to launch a hand in the latest "pod" of the country.

The words of the Minister of Finance came as no surprise. A few years ago, when the collapse of oil prices, on the agenda stood the question: where to find the funds to patch the "hole" in the Treasury. First came across the Reserve Fund. The more that its funds must be used for compensation of expenses on social needs and external debt. But even then, the government realized that there will come a time when you have to turn to another "pod" — the national welfare Fund.

According to the statement siluanova, it's time. The reserve Fund is empty eyes. According to the Ministry of Finance, by June 1, its volume is 932 billion roubles and the national welfare Fund, there are 4,192 trillion rubles. Meanwhile, it is expected that in 2017 the "hole" in the Treasury will reach 2.75 trillion. Partially patched up its authorities are determined by means of the Reserve Fund and national welfare Fund (which would take 668 billion). Thus, this year the Reserve Fund is completely empty.

Therefore, the Ministry of Finance has not thought up anything better how to print the national welfare Fund, which is designed in particular to ensure sustainability of the pension system. "This does not mean that pensions will not be paid. For this is the Pension Fund of Russia, as well as transfers from the Federal budget. However, the "pod", which was intended just to support the sustainability of the pension system in difficult times, formally ceases to exist. And, apparently, it really is also runs out" — says "MK" Professor at the Higher school of Economics Igor Nikolaev.

Money from the Fund also are investing in infrastructure projects. As noted by the Minister of Finance, decisions on them should be performed. "But the other, the rest of the SWF — this is the same source to Finance the expenditures of the Federal budget, such funds as a Reserve Fund. Do not rule out that we can consider the consolidation of these reserve funds in order to create a single volume of funding sources of the budget deficit," explained Siluanov.

However, as emphasized Nikolaev, easy to take and use the NWF to cover the budget deficit impossible. "The merger of the national welfare Fund and the Reserve Fund will allow you to spend the money for budgetary purposes. Primarily to cover the budget deficit. Although they would be used and without the Association, after exhausting the Reserve Fund. However, in its current form to make it more complicated. You need to make changes to the legislation", — says "MK" expert.

Meanwhile, the government has already taken the first step towards the merger of funds. Last week, the Board approved amendments to the Budget code of the text excluded the normative size of the Reserve Fund, after which the authorities begin to replenish the Fund of national welfare.

Siluanov supports the initiative of his predecessor Alexei Kudrin. "To unite the Reserve Fund and national welfare Fund is reasonable. Offered in January 2016. Support the initiative of the Ministry of Finance," writes the former Minister of Finance in his Twtter.

Irina Badmaeva


Tags: Russia , finances

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