The Ministry of Finance of the Russian Federation recognized the low efficiency of state companies

The Ministry of Finance of the Russian Federation recognized the low efficiency of state companies


MOSCOW, July 11. /TASS/. The Ministry of Finance of the Russian Federation recognized the low efficiency of state companies and the related high level of regulated tariffs of natural monopolies.

This is stated in the document of the Ministry of Finance “the Basic directions budgetary, tax and customs-tariff policy for 2018 and the planning period of 2019 and 2020”.

“The lack of control over rising costs and ineffectiveness of implemented investment projects have led to the need of rapid growth of tariffs of natural monopolies on the General producer price index (excluding oil and gas sector), which contributed to the redistribution of the profits of the corporate sector in favor of such companies”, – stated in the document.

In addition, companies with state participation are the biggest consumers in the economy as scarce labor and scarce financial resources. Ineffective use leads to the deterioration of the economic prospects of the country, the document says.

Earlier, Finance Minister Anton Siluanov noted that the Russian state corporations “have more work to do” in terms of investment programmes and operational efficiency.

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