Reserve Fund of the Russian Federation. Reserve Fund of the Government of the Russian Federation for the Prevention and Elimination of Emergency Situations and the Consequences of Natural Disasters. State material reserve How the reserve fund of the chairman is formed

GOVERNMENT OF THE RUSSIAN FEDERATION

RESOLUTION

On approval of the Regulations on the procedure for spending funds from the reserve fund of the Government of the Russian Federation

Lost force on March 8, 2017 based on
Decree of the Government of the Russian Federation of February 27, 2017 N 230
____________________________________________________________________

Government of the Russian Federation

decides:

1. Approve the attached Regulations on the procedure for spending funds from the reserve fund of the Government of the Russian Federation.

2. The Ministry of Finance of the Russian Federation shall ensure financing of expenses from the reserve fund of the Government of the Russian Federation in accordance with decisions of the Government of the Russian Federation on the allocation of funds from this fund.

3. Control over the use of funds from the reserve fund of the Government of the Russian Federation is carried out by the Ministry of Finance of the Russian Federation.

Chairman of the Government
Russian Federation
V. Chernomyrdin

Regulations on the procedure for spending funds from the reserve fund of the Government of the Russian Federation

APPROVED
Government resolution
Russian Federation
dated July 8, 1997 N 838

on the procedure for spending funds from the reserve fund of the Government of the Russian Federation

1. The Reserve Fund of the Government of the Russian Federation is created to finance unforeseen expenses and activities of federal significance not provided for in the federal budget for the corresponding financial year.

2. The size of the reserve fund of the Government of the Russian Federation is determined by the federal law on the federal budget for the corresponding year.

3. Funds from the reserve fund of the Government of the Russian Federation are spent on financing:

state support for public organizations and associations;

holding anniversary events of national significance;

production of state awards, anniversary medals;

holding meetings, symposiums, exhibitions and seminars at the highest level on issues of national importance;

payment of one-time bonuses and provision of one-time financial assistance to citizens for services to the state;

publication of collections of normative acts and legislation of the Russian Federation;

carrying out repair and restoration work at the request of government authorities of the Russian Federation;

other events carried out according to decisions of the President of the Russian Federation and the Government of the Russian Federation.

Decisions of the Government of the Russian Federation on the allocation of funds from the reserve fund of the Government of the Russian Federation are made in cases where the funds at the disposal of the federal executive authorities and executive authorities of the constituent entities of the Russian Federation carrying out these activities are insufficient.

4. Draft decisions of the Government of the Russian Federation on the allocation of funds from the reserve fund of the Government of the Russian Federation, indicating the amount of allocated funds and the direction of their expenditure, are prepared by the Ministry of Finance of the Russian Federation on instructions from the Government of the Russian Federation.

Federal executive authorities and executive authorities of the constituent entities of the Russian Federation submit to the Ministry of Finance of the Russian Federation documents justifying the amount of funds requested, including financial estimates, as well as, if necessary, conclusions from interested ministries and departments.

The bodies at whose disposal funds from the reserve fund of the Government of the Russian Federation are allocated, within a month after the relevant activities have been carried out, submit to the Ministry of Finance of the Russian Federation a detailed report on the intended use of such funds.

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Its existence is the Reserve Fund of the Russian Federation. The last funds from it were spent to cover the budget deficit in December 2017.

From now on, its role will be performed by the National Welfare Fund (NWF).

The editors of TASS-DOSSIER have prepared a certificate about the history of the Reserve Fund of the Russian Federation.

History, background for the creation of the Stabilization Fund

In the second half of 1999, world oil prices rose above $20 per barrel for the first time in several years. Thanks to this, the revenue of oil companies, tax deductions and the volume of paid export customs duties began to increase. According to the Ministry of Finance, in 2000 additional income from rising oil prices amounted to 300 billion rubles, and in 2001 - 397 billion rubles. These revenues were immediately sent to repay the external debt and to the budget. As debts were paid off, this led to the emergence of excess cash liquidity and, accordingly, high inflation with an excessive strengthening of the ruble exchange rate. This, in turn, prevented the development of industry not related to the export of resources.

On April 3, 2001, in his Address to the Federal Assembly, Russian President Vladimir Putin proposed, as part of the budget reform, to create a reserve formed from income “related to favorable foreign economic conditions.” According to the president's plan, the reserve was supposed to ensure "stable development in less favorable years" and also be used "to solve large-scale strategic tasks." After this, the Ministry of Finance began developing the concept of such a budget reserve. A fund for accumulating income from the sale of oil, operating in Norway, was taken as a sample.

On July 24, 2003, Finance Minister Alexei Kudrin informed Putin that his department was ready to submit a bill on the Stabilization Fund to the State Duma. As the minister noted then, the fund was supposed to make it possible to “better predict the macroeconomic situation in the country, eliminate risks in the medium and long term, and increase confidence in the Russian economy.”

Stabilization Fund

On December 23, 2003, Putin signed the law “On introducing amendments to the Budget Code of the Russian Federation regarding the creation of the Stabilization Fund of the Russian Federation.” The law provided for the creation of a dedicated part of the federal budget, which would receive additional revenue generated if the oil price rose above the base price (at that time - $20 per barrel, in 2018 - $40). It was planned to use funds from the fund when oil prices fell below this level. The Ministry of Finance was entrusted with managing the Stabilization Fund and determining where to invest its savings. The money was invested in foreign currency and debt obligations.

The first funds were transferred to the Stabilization Fund on January 29, 2004. During its existence, the Stabilization Fund was used several times to cover the deficit of the Pension Fund and pay off debts to the Paris Club and the International Monetary Fund. In particular, 1 trillion 281 billion rubles were allocated from the Stabilization Fund for the payment of external debt in 2005-2007. In 2007, 300 billion rubles from the Stabilization Fund. was spent on financing Vnesheconombank, the state corporation Rosnanotech and on increasing the volume of the Investment Fund of the Russian Federation (created in 2006 to invest in public-private partnership projects).

The Stabilization Fund reached its maximum value by January 1, 2008: 3 trillion 849 billion rubles, or $156.8 billion.

Division of the Stabilization Fund into the Reserve Fund and the National Welfare Fund

On May 24, 2006, in his Budget Address, Putin proposed adopting a budget not for one year, but for three, and also dividing the Stabilization Fund into two parts.

The reserve fund was to be used to stabilize the economy in the event of a crisis. It was stipulated that it should not exceed 10% of GDP (later - 7%). At the same time, the funds received into it were to be invested only in conservative financial instruments (foreign currency and debt obligations).

The National Welfare Fund (NWF, originally the “Fund for Future Generations”) was supposed to accumulate all other excess oil revenues. It was allowed to be spent on infrastructure projects within the country in the form of loans to banks, which were then supposed to return the profit received from investments to the National Welfare Fund.

Amendments to the Budget Code on the division of the Stabilization Fund were signed by Putin on April 26, 2007.

The Stabilization Fund was divided on February 1, 2008. The Reserve Fund received 3 trillion 57.9 billion rubles from it. ($125.2 billion, 7% of GDP), in the National Welfare Fund - 782.8 billion rubles. ($32 billion).

Reserve fund

By the end of 2008, the volume of the Reserve Fund reached 4.9 trillion rubles. ($121 billion, 12% of GDP). It had to be used already in 2009-2010 to eliminate the consequences of the global financial crisis, which was accompanied by a drop in oil prices to $35 per barrel. Then more than 4.6 trillion rubles were spent from it. ($110 billion). At the end of 2011 - beginning of 2012, no more than 800 billion rubles remained in the fund’s accounts. Active replenishment of the fund resumed in 2012.

By February 1, 2015, the Reserve Fund reached its maximum volume in ruble equivalent - 5 trillion 865 billion rubles. ($85.1 billion, 8% of GDP), but then, due to falling oil revenues and spending to cover the budget deficit, it began to gradually decline. By January 1, 2017, its volume fell below 1 trillion rubles. (1.1% of GDP) and fluctuated at this level throughout 2017. In December 2017, the Ministry of Finance allocated the last 1 trillion 420 million rubles to cover the budget deficit. from the Reserve Fund. At the same time, 652 million rubles received from the placement of funds of this fund in foreign currency were transferred to the National Welfare Fund.

NWF

Unlike the Reserve Fund, which was practically spent in 2009-2010, the National Welfare Fund continued to fill up, reaching 2.8 trillion rubles by the summer. ($90 billion).

The largest volume of the National Welfare Fund in ruble equivalent was recorded on March 1, 2016 - 5 trillion 357 billion rubles. ($71.3 billion).

Among the projects financed over the past period from the National Welfare Fund are the Crimean Bridge, the Central Ring Road in Moscow and the Moscow Region, the reconstruction of the Baikal-Amur Mainline and the Trans-Siberian Railway, and the Moscow-St. Petersburg toll road. Funds were also spent on other needs: in 2017, 164.2 billion rubles. ($2.8 billion) were transferred to cover the budget deficit of the Pension Fund.

On June 19, 2017, Finance Minister Anton Siluanov announced plans to merge the Reserve Fund and the National Welfare Fund. Putin signed amendments to the Budget Code combining the two funds on July 29, 2017.

Management Goals

The goals of managing the Reserve Fund's assets are to ensure the safety of the Fund's assets and a stable level of income from its placement in the long term. Managing the fund's assets for these purposes allows for the possibility of obtaining negative financial results in the short term.

Managment structure

The management of the Reserve Fund is carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation. Certain powers to manage the resources of the Reserve Fund may be exercised by the Central Bank of the Russian Federation.

The funds of the Reserve Fund can be managed in the following ways(both individually and simultaneously):

1) by purchasing foreign currency at the expense of the Fund and placing it on accounts for recording the Reserve Fund in foreign currency (US dollars, euros, pounds sterling) in the Central Bank of the Russian Federation. For the use of funds in these accounts, the Central Bank of the Russian Federation pays interest established by the bank account agreement;

2) by placing the Fund’s funds in foreign currency and financial assets denominated in foreign currency, the list of which is determined by the legislation of the Russian Federation.

The Ministry of Finance of the Russian Federation manages the funds of the Reserve Fund in accordance with the first method, that is, by placing funds in foreign currency accounts with the Central Bank of the Russian Federation, as follows. According to the procedure for calculating and crediting interest accrued to accounts for accounting for the Reserve Fund in foreign currency, approved by the Ministry of Finance of the Russian Federation, the Bank of Russia pays on the balances on these accounts interest equivalent to the yield of indices formed from financial assets in which the Reserve Fund's funds can be placed , the requirements for which are approved by the Government of the Russian Federation.

Investment rules

The Government of the Russian Federation sets limits shares of permitted financial assets in the total volume of allocated funds of the Reserve Fund. In order to improve the efficiency of management of the Reserve Fund, the Ministry of Finance of the Russian Federation is authorized to approve the regulatory shares of permitted financial assets in the total volume of allocated funds of the Reserve Fund within the limits of the corresponding shares established by the Government of the Russian Federation.

The Government of the Russian Federation has established the following requirements for the specified financial assets:

1. The funds of the Reserve Fund may be placed in debt obligations in the form of securities of foreign states, foreign government agencies and central banks of the following countries:

• Austria;
• Belgium;
• Great Britain;
• Germany;
• Denmark;
• Canada;
• Luxembourg;
• Netherlands;
• Finland;
• France;
• Sweden.

2. debt obligations must meet the following requirements:

The issuer of debt obligations must have a long-term credit rating of not lower than “AA-” according to the classification of the rating agencies Fitch Ratings or Standard & Poor’s or not lower than “Aa3” according to the classification rating agency Moody's Investors Service. If the issuer of debt obligations is assigned different long-term creditworthiness ratings by the specified agencies, then the lowest of the assigned ones is accepted as the long-term creditworthiness rating;

The maturity dates of debt issues are fixed, the terms of issue and circulation do not provide for the issuer's right to repurchase (repay) them ahead of schedule and the right of the owner of debt obligations to present them for repurchase (repayment) by the issuer ahead of schedule;

The standards for the minimum and maximum periods before repayment of debt issues established by the Ministry of Finance of the Russian Federation are mandatory;

The rate of coupon income paid on coupon debt obligations, as well as the denominations of debt obligations, are fixed;

The nominal value of debt obligations is expressed in US dollars, euros and pounds sterling, payments on debt obligations are made in the currency of the nominal value;

The volume of outstanding debt is at least US$1 billion for US dollar-denominated debt, at least €1 billion for euro-denominated debt and at least £0.5 billion sterling - for debt obligations denominated in pounds sterling;

Debt issues are not issues intended for private (non-public) placement.

3. to international financial organizations, in whose debt obligations funds of the Reserve Fund can be placed, include:

Asian Development Bank (ABD);

Development Bank of the Council of Europe (Council of Europe Development Bank, CEB);

European Bank for Reconstruction and Development (EBRD);

European Investment Bank (EIB);

Inter-American Development Bank (IADB);

International Finance Corporation (IFC);

International Bank for Reconstruction and Development (IBRD);

International Monetary Fund (IMF);

Nordic Investment Bank (NIB).

The IMF's debt obligations include funds in special drawing rights (SDRs), which it takes into account in connection with the formation and adjustment of the reserve position of the Russian Federation. The total amount of funds transferred within the framework of these operations should not be less than the amount provided by the IMF as the minimum for calculating interest on the use of these funds. The requirements specified in paragraph 2 do not apply to IMF debt obligations.

The legislation of the Russian Federation and the agreement between the Ministry of Finance of Russia and the Bank of Russia stipulate that the functions of the Ministry of Finance of Russia in forming the reserve position of the Russian Federation in the IMF are transferred to the Bank of Russia.

4. when placing funds from the Reserve Fund on deposits in foreign banks and credit organizations The following requirements must be met:

A foreign bank or credit institution must have a long-term credit rating of not lower than “AA-” according to the classification of the rating agencies Fitch-Ratings or Standard & Poor’s (Standard & Poor’s) or not lower than “Aa3” according to the classification rating agency Moody's Investors Service. If a bank or credit organization is assigned different long-term creditworthiness ratings by the specified agencies, then the lowest of the assigned ones is accepted as the long-term creditworthiness rating;

The standards for the minimum and maximum periods for placing funds of the Reserve Fund on deposits in foreign banks and credit institutions, established by the Ministry of Finance of the Russian Federation, are mandatory;

The total volume of the Reserve Fund funds placed on deposits in one foreign bank or credit organization must not exceed 25% of the total volume of the Reserve Fund funds placed on deposits in foreign banks and credit organizations.

5. The Ministry of Finance of the Russian Federation has the right to establish additional requirements to debt obligations and deposits in foreign banks and credit organizations within the limits of the requirements established by the Government of the Russian Federation.

In accordance with the powers granted by the Government of the Russian Federation The Ministry of Finance of the Russian Federation approved:

1. regulatory currency structure funds of the Reserve Fund in the following composition

US dollar - 45%;

euro - 45%;

pound sterling - 10%.

2. current maturities of debt issues foreign states, debt obligations allowed for placement of funds from the Reserve Fund:

For debt instruments denominated in US dollars and euros:

maximum maturity - 3 years

For debt denominated in pounds sterling:

minimum maturity - 3 months

The maximum maturity period is 5 years.

The periods specified above are valid at the time of acquisition of debt obligations at the expense of the Reserve Fund or at the time of formation of indices from debt obligations used to calculate the amounts of interest accrued on the balances of funds in the accounts for recording the funds of the Reserve Fund in permitted foreign currencies opened by the Federal Treasury in the Central Bank of the Russian Federation.

3. list of foreign government agencies, in whose debt obligations funds of the Reserve Fund can be placed (in agreement with the Central Bank of the Russian Federation):

Austrian Export-Import Bank (Oesterreichische Kontrollbank Aktiengesellschaft, OKB);

Public Credit Agency, Spain (Instituto de Credito Oficial, ICO);

Motorway and Motorway Financing Agency, Austria (Autobahnen- und Schnellstrassen- Finanzierungs- Aktiengesellschaft, ASFINAG);

Group of Banks for Reconstruction and Development, Germany (Kreditanstalt fur Wiederaufbau Bankengruppe);

Export Development Canada (EDC);

Communal Bank of the Netherlands (Bank Nederlandse Gemeenten, BNG);

Society for Medium Term Finance of the Railway Network, UK (Network Rail MTN Finance CLG (Plc));

Agricultural Rentenbank, Germany (Landwirtschaftliche Rentenbank);

Federal Home Loan Mortgage Corporation, Freddie Mac;

In December, the government spent all the funds from the Reserve Fund. More than 1 trillion rubles. was aimed at covering the budget deficit. In 2018, the deficit will be financed from the National Welfare Fund.

Photo: Maxim Bogodvid / RIA Novosti

In December, the Ministry of Finance completely spent the funds from the Reserve Fund to cover the federal budget deficit, according to a message on the department’s website. The balances of the Reserve Fund - $7.62 billion, €6.71 billion and £1.10 billion - were sold to the Central Bank for 1 trillion rubles. and credited to a single federal budget account. As a result, “zero balances were formed” in the accounts of the Reserve Fund and on February 1, 2018, as planned last year, it will cease to exist, the Ministry of Finance said in a statement.

The reserve fund went to zero on December 22, when the last 54 billion rubles were spent to finance the budget deficit, Treasury statistics show. In January-November 2017, the Reserve Fund remained untouched. The budget deficit in 2017, according to the Ministry of Finance, amounted to about 1.6% of GDP (1.5 trillion rubles).

The Ministry of Finance has repeatedly warned about the depletion of the Reserve Fund by the end of 2017. Back in early 2016, if the rate of use of the fund’s funds continues, it will be exhausted by 2017. After this, the budget deficit will have to be covered by the National Welfare Fund (NWF).

In 2017, the government managed to significantly reduce the expenditure of sovereign reserves - their net expenditure amounted to about 790 billion rubles. instead of the planned 1.7 trillion, Siluanov told journalists on January 10. “This was done due to the work of the fiscal rule, which provides for the transfer of oil and gas revenues above the price of $40 per barrel into government reserves,” he said.

The Reserve Fund reached its maximum in ruble terms at the beginning of 2015 - 5,86 trillion rubles, and the maximum in relation to the size of the economy - at the beginning of 2009: 12,5% GDP. In 2016, the volume of the Reserve Fund decreased by 3.7 times - from 3.64 trillion rubles. to less than 1 trillion.

Now Russia has one sovereign fund left, but it will begin to replenish again this year. In 2017, the Ministry of Finance already received additional oil and gas revenues amounting to approximately 829 billion rubles. — they were used to buy foreign currency, which will be transferred to the National Welfare Fund by October 1, 2018. As part of the permanent budget rule, the entire volume of oil and gas windfalls will be directed to the National Welfare Fund.

The Reserve Fund and the National Welfare Fund were created in 2008 as a result of the division of the Stabilization Fund. The first was a source of financing the budget deficit in the event of a sharp drop in treasury revenues. The second one was created as part of a mechanism for providing pensions to citizens for the long term, although in essence this function never worked. For example, in 2008-2009, part of the National Welfare Fund was spent on anti-crisis assistance to banks (as a result, the fund now owns preferred shares in VTB, Gazprombank and Rosselkhozbank worth 279 billion rubles). It was decided to invest the other part of the funds in long-term self-sustaining infrastructure projects, such as the modernization of the Trans-Siberian Railway and BAM or the construction of a nuclear power plant in Finland.

Liquid balances

As of January 1, 2018, the volume of the National Welfare Fund in ruble equivalent is 3.75 trillion rubles. But, as follows from RBC’s calculations based on Treasury data, only 59% of this volume (2.2 trillion rubles) are free resources that can be taken from the accounts of the Central Bank at any time and used to finance the budget deficit or the Pension Fund deficit. fund.

The rest was invested in financial assets - deposits in Vnesheconombank (RUB 222.5 billion plus $6.25 billion), preferred shares of VTB, Rosselkhozbank and Gazprombank (RUB 279 billion), securities related to the implementation of infrastructure projects (RUB 113 billion). and $4.1 billion, which are placed in preferred shares of Russian Railways and the Atomic Energy Construction Corporation, bonds of Yamal LNG, Zapsibneftekhim, etc.), deposits in VTB and Gazprombank to finance infrastructure projects (164 billion rubles). Another $3 billion from the National Welfare Fund was invested at the end of 2013 in the purchase of Eurobonds of Ukraine, which it refused to pay after the change of power in the country.

Liquid funds of the National Welfare Fund, stored in foreign currency accounts with the Central Bank, can be placed in highly reliable bonds of foreign countries, for example.

During 2018, the Ministry of Finance provided approximately 2 trillion rubles in foreign currency for the National Welfare Fund. additional oil and gas revenues at oil prices of $54-55 per barrel, Siluanov estimated (these amounts, accordingly, will be transferred to the National Welfare Fund already in 2019). At $60, the volume of foreign currency purchases will be 2.8 trillion rubles.

In the new year, NWF funds will become the main source, along with borrowings, of covering the federal budget deficit - it is planned to use 586 billion rubles from the NWF. But in the next two years, when the National Welfare Fund will hardly be spent, but only replenished, borrowing will become the main source of covering the deficit. The budget deficit will be within 1% of GDP.

BC RF Article 81. Reserve funds of executive bodies of state power (local administrations)

1. The expenditure side of the budgets of the budgetary system of the Russian Federation (with the exception of the budgets of state extra-budgetary funds) provides for the creation of reserve funds of executive bodies of state power (local administrations) - the reserve fund of the Government of the Russian Federation, reserve funds of the highest executive bodies of state power of the constituent entities of the Russian Federation, reserve funds local administrations.

2. In the expenditure side of the budgets of the budget system of the Russian Federation, the creation of reserve funds of legislative (representative) bodies and deputies of legislative (representative) bodies is prohibited.

3. The size of reserve funds of executive bodies of state power (local administrations) is established by laws (decisions) on the relevant budgets and cannot exceed 3 percent of the total amount of expenses approved by these laws (decisions).

4. Funds from the reserve funds of executive bodies of state power (local administrations) are allocated to financially support unforeseen expenses, including emergency restoration work and other activities related to the elimination of the consequences of natural disasters and other emergency situations, as well as other activities, provided for by the procedure specified in paragraph 6 of this article.

(see text in the previous edition)

5. Budgetary allocations from the reserve fund of the Government of the Russian Federation, the reserve fund of the highest executive body of state power of a constituent entity of the Russian Federation, the reserve fund of a local administration, provided for as part of the federal budget, the budget of a constituent entity of the Russian Federation, the local budget, are used by decision, respectively, of the Government of the Russian Federation, the highest executive government body of a constituent entity of the Russian Federation, local administration.

6. The procedure for using budgetary allocations from the reserve fund of the Government of the Russian Federation, the reserve fund of the highest executive body of state power of a constituent entity of the Russian Federation, the reserve fund of a local administration, provided for as part of the federal budget, the budget of a constituent entity of the Russian Federation, the local budget, is established accordingly by the Government of the Russian Federation, the highest executive government body of a constituent entity of the Russian Federation, local administration.