Kudrin: in the current circumstances the Reserve Fund and NWF makes sense to combine

Kudrin: in the current circumstances the Reserve Fund and NWF makes sense to combine


In the present economic situation, it is necessary to combine the Reserve Fund and the national welfare Fund and manage them as a single instrument, said the head of the Committee of civil initiatives Alexei Kudrin.

MOSCOW, 13 Dec –. Reserve Fund and national welfare Fund (NWF) in the current environment it makes sense to merge, says ex-Minister of Finance, the head of Committee of civil initiatives Alexei Kudrin. Reserve Fund for January 2015 decreased by 7% to 3.93 trillion rubles, the national welfare Fund increased by 1% to 4,78 trillion rubles.

“Today already practically there is no difference, and secondly, we already came problems of the pension system in full growth. They are managed almost the same, except for the small percentage that can be transferred to some development institutions. Combine the Reserve Fund and national welfare Fund, because the challenges that we have now in the next two to three years there… it is time for them to manage as a single tool,” said Kudrin, speaking Wednesday at the Gaidar forum.

“We have a Reserve Fund, national welfare Fund was separated from the Stabilization Fund in order to maintain a certain amount of reserve, a special way to manage it to be very conservatively placed — he had to insure in difficult times”, — he reminded.

“A national welfare Fund — he was to be calculated on financial gaps in the Pension Fund associated with demographic problems,… was going to handle differently in a more profitable, risky, but longer-term instruments,” — said Kudrin.

Currently in Russia for financing the budget deficit actively used the Reserve Fund. In 2016 it is planned to use 2,137 trillion rubles from the Reserve Fund to cover the budget deficit. By the end of 2016 the Reserve Fund can be 1,051 trillion rubles, or 31% of the contingency Fund at the beginning of 2016.

If in 2017 the budget deficit, the government of the Russian Federation there are three main sources of financing the budget deficit: the remains of the Reserve Fund in 2017, funds and revenues from the placement of state securities on the domestic market.