Minnstabfond

The government will create a parallel treasury disputes on how to dispose of a stab fund, do not stop from the moment of its creation. But the Ministry of Finance has not yet given the piggy bank to anyone. The Gazeta managed to find out the details of how the successor of the current Stabfond will be controlled by the reserve fund.

The new fund will be created on February 1, 2008 and will legally be fixed in the amount of 10% of GDP.

The main difference from the current stabund management scheme is that the government will create an agency under the Ministry of Finance, which will focus on making money on curtained petrodollars.

Reserves and debts

“We will no longer be able to place the reserve fund on the accounts of the Federal Treasury in the Central Bank, it will essentially be extra -budgetary,” a source in the Ministry of Finance explained to the newspaper. And the ministry knows what to do with the reserve fund after it becomes extra -budgetary. “Now, as the basic, the option is considered in which the new debt agency under the Ministry of Finance would manage the money of the reserve fund,” says the interlocutor of Gazeta in the department of Alexei Kudrin.

The idea of creating an agency arose when the government was determined with the reform of Vnesheconombank. He will soon become a state corporation, retaining the old brand. And will support exporters. The remaining functions that are unusual for the Institute of Development will be taken away from him.

The decisions of what to do with the pension savings of the silents, while the vneseconobank administration has not yet been accepted. The government has no consensus on pension reform.

Another Function of VEB - the service of the public debt - has faded into the background after Russia paid off the Parisian club of creditors. But this does not mean that the government no longer has debts. In order not to load the new VEB by the foreign economic activity of the state, and during 2007 it was decided to create a new body that would engage in debit and payables of Russia.

The role of the agency is radically changing if it is engaged in managing not only state external debt, but also the placement of the money of the reserve fund. These amounts are calculated by trillions of rubles.

Debts and payments

According to the Ministry of Finance, by January 1, 2009 there will be 3.487 trillion rubles in the reserve fund. But the outflow of money from the reserve fund will also be rather big - more than 1.5 trillion rubles in 2008 will be credited to the federal budget in the form of an oil and gas transfer. And by the end of 2010, the amount of the reserve fund should be 4.447 trillion. A year ago, the government apparatus and the counting chamber were alarming: huge money lies with a dead load in the Central Bank and depreciate from inflation. Then it was given to the Ministry of Finance to invest money in reliable securities of foreign states and ensure a high level of profitability. The Ministry of Finance limited himself to the transfer of the Stabfond into foreign currency. And last week he announced that this was the most correct decision: money is safe, they could not be arrested in the courts of companies offended by Russia, the liquidity level is high. And most importantly - the profitability of the stab fund in 2006 amounted to 8%. “Not true, profitability is actually much lower,” the source in the White House claims. He considers it reasonable to transfer the management of the state as a separate department, but is not sure that it should be subordinated to the Ministry of Finance. "The agency, which disposes of such amounts, carries out the oil and gas transfer to the budget and earns 10% of GDP, must have a high status and obey the government. Although the final decision has not yet been made, and there is something to argue," the source in the White House says.

The main theme of the dispute is the same: where the money should be invested. The Ministry of Finance went to concession and agreed to allocate the Future generation fund (in the next three to four years it will not exceed 650 billion rubles), which can invest at high interest. It was even decided that the money of the fund can be spent on the development of the Russian economy. Nevertheless, supporters of the earning on the oil in the petrirallars did not calm down. “I am sure that the reserve fund must be invested much more actively - primarily in the securities of foreign states,” says the Belodomovsky source.

However, there is another entertaining question: who will lead the agency, which disposes of the country's large investments. “There are many candidates, but we must understand that after 2008 many current members of the government will leave,” the source in the Ministry of Finance hints. So far, Alexei Kudrin and German Gref announced their departure from the Cabinet of Ministers after the presidential election.

03/26/2007 / Andrey Lavrov, the material was published in the newspaper No. 54 dated 03/27/2007.