The Ministry of Finance has proposed to freeze funding of investment projects from the NWF


The Ministry of Finance has proposed to freeze funding of the current investment projects from the national welfare Fund (NWF). This idea contains in materials of the Ministry prepared for the budget meeting with first Deputy Prime Minister Igor Shuvalov, seen by the newspaper “Vedomosti”.

In the materials according to the newspaper, said that in order to meet the target deficit in 2017-2019 5.9 trillion, not enough 3.5 trillion. Of them 2.4 trillion rubles. the Ministry of Finance expects to attract in the first place by increasing the tax burden on oil companies and “Gazprom” and collecting more dividends from state-owned companies.

Speaking of missing another 1.1 trillion rubles, the Finance Ministry reminds that in 2018 ends liquid portion of the reserve funds that is not invested in the projects. The Agency proposes either to freeze the financing of ongoing investment projects at 261 billion rubles, or increase the program of privatization or loans of not less than 500 billion rubles.

Citing two Federal officials – the White house and one of the ministries of Finance and economic bloc – the publication says that the idea of the Ministry of Finance discussed. The representative of the Ministry of economic development told the newspaper that such proposals in the office had been received yet.

The newspaper reminds that the national welfare Fund, originally intended to insure the pension system, kept in liquid instruments and were used to combat the crisis in 2008-2009. In 2013, President Vladimir Putin decided to send part of the FNB for infrastructure projects. In 2015, the concept has changed, and Putin ordered to start financing new projects from the NWF. In June of this year, Finance Minister Anton Siluanov said in an interview that the funds not used for projects that can be used as a Reserve Fund to Finance the budget deficit.

From officials and suggestions of the Ministry of Finance follows that the Ministry wants to increase the liquid part of NWF (not reserved under investment projects), to Finance the budget deficit, the newspaper notes.

Only FNB on September 1, was 4.7 trillion rubles., of which 1.9 trillion reserved for infrastructure projects, the projects of Rosatom and RDIF, as well as to help banks, remind “sheets”. Official financial-economic bloc of the government told the publication that if the proposal to freeze will come from the Ministry of Finance officially, there will be a revision of all projects, and the decision will be taken on each separately.

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