Translated material
Sunset and consumption
The Ministry of Finance intends to fully spend the reserve fund next year, as well as spend more than 1.7 trillion rubles from the National Welfare Fund during 2017-2019. This was reported by Reuters with reference to materials to the Russian budget for the next three years.
From the materials it follows that next year the reserve fund will be reset, and from the FNB to cover the budget deficit, the Ministry of Finance plans to take 783 billion in 2017, 883 billion rubles in 2018 and 87 billion in 2019. Thus, after three years, it will be reduced to 2.97 trillion rubles.
The reserve fund nowhas 2.46 trillion rubles . The National Welfare Fund for July 1 amounted to 4.68 trillion rubles, of which more than 1.5 trillion rubles were placed in VEB and other projects.
Pure internal borrowing in accordance with the proposals of the Ministry of Finance will grow to 1.29 trillion rubles in 2017 from 300 billion in 2016. In 2018-2019, they will increase to 1.47 and 1.44 trillion rubles, respectively.
On Tuesday, Vedomosti reported that the Ministry of Finance’s proposal to freeze the federal budget expenditures in nominal terms for three years was approved at a meeting with Prime Minister Dmitry Medvedev. The Ministry of Finance proposed to record budget expenditures in 2017-78 at the level of 15.78 trillion rubles a year. The press secretary of Medvedev Natalya Timakova said that no decisions have yet been made. But it was not made. But it has not been made. But With the approach itself, everyone agreed, in fact the proposal was approved, the meeting participant explained.
"The approach is approved. Redistribution is possible inside software articles," another federal official said. According to the source, the president agrees to freeze expenses. Specific numbers will be specified.
According to the president of the Center for Strategic Development, Alexei Kudrin, the federal budget deficit in 2016 will be higher than 3 percent of GDP, which is excessive for Russia. According to CSR calculations, fixing nominal expenses for all three years allows you to reduce the budget deficit to 1 percent of GDP in 2019. But now it will have to be redistributed by expenses, Kudrin believes.
At the proposal of the Ministry of Finance, the costs of 36 out of 42 state programs are reduced even in a nominal size. The exception will be pension costs, economic development and state financial management.
In mid -June, the Minister of Finance Anton Siluanov warned that in 2017, the gross amount of raising funds in domestic markets could be up to 1.5 trillion rubles. According to the minister, next year the Ministry of Finance will mainly count on internal borrowing . With external borrowings, Russia is trying to "insert sticks into the wheels" everywhere, Siluanov noted. In his opinion, while such a confrontation exists, it makes no sense to enter the foreign borrowing markets. Siluanov emphasized that if the need for external borrowings arises, this can be done as part of the budget adjustment in the fall and spring.
At the same time, the minister warned of the danger of "sliding to the GKO pyramid" in the case of the introduction of short -term internal loans. "This year, the volume of borrowings will be about 300 billion rubles, in the next it can increase to trillion and more. The question is whether we will have to proceed to short -term borrowing - since not all banks with such large borrowings will be ready to invest in ten, twenty -year -old bonds of the state. To finance such a large, albeit 3 percent, taking into account the reduction of reserves due to internal ones Borrowings are a big risk, ”the Minister of Finance emphasized.