Medvedev instructed the Finance Ministry to prepare proposals on support of VEB

Medvedev instructed the Finance Ministry to prepare proposals on support of VEB

GORKI, December 22. The government will support the EBV. This was announced by Prime Minister Dmitry Medvedev, opening a meeting of Vnesheconombank’s Supervisory Board.

“The idea is to support the Bank for the Bank worked and performed its statutory tasks; this will require a number of decisions, including the plan for optimization of the Bank’s work with various state and other support,” he said.

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“Such decisions should be taken soon, because the web remains a key development Finance institution of the state,” he said. “The government cannot leave him alone with those problems that are associated with the financial and economic situation in the country, as well as various sanctions pressure, which is experiencing financial our exports,” he said.

At the meeting, the Prime Minister gave an instruction to the Minister of Finance. “Soon the final proposals should be formulated. Appoint to take the Ministry of Finance. Engage, prepare proposals and report to the government of the Russian Federation and the Supervisory Board of VEB,” – said the Prime Minister. He stressed that the Central part of the work on this issue must comply with the Ministry of Finance “task force, which takes the main financial body of the country.”

Moreover, Medvedev recalled that last week in Beijing VEB and the State development Bank of China signed a loan agreement for 10 billion yuan. This agreement is discussed at the meeting of the Supervisory Board, the Prime Minister added.

He also added that the credit facilities under this agreement will be used to Finance investment projects of Vnesheconombank involving Chinese companies. “We are interested in the number of these projects extended”, – he said.

The situation with the VEB

VEB for the second year shows a loss. The loss of Vnesheconombank group in 2014 under international standards amounted to 250 billion rubles. In the first half of 2015 loss of the Corporation amounted to 73.5 billion rubles. The Bank’s assets for the first half of this year amounted to 3.85 trillion rubles.

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On 4 December, Deputy Finance Minister Alexei Moiseyev said that the default Vnesheconombank excluded. Moiseev added that the source of funds to repay the debt will be.

The Minister of Finance of the Russian Federation Anton Siluanov declared earlier that VEB is likely to be provided with the necessary support from the budget, while the budget deficit in 2016 will not exceed 3% with the exception of expenditure on financial assistance of the Corporation.

According to first Deputy Prime Minister Igor Shuvalov on December 9, funds for the recapitalization of Vnesheconombank, will not be counted in the limit of the budget deficit for 2016 of 3% of GDP.

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