Sovereign funds to generate 85 bln rubles in budget revenue next year - MinFin's Lavrov
MOSCOW. Oct 14 (Interfax) - The federal budget will receive 85 billion rubles in revenue from management of the National Welfare Fund (NWF) and Reserve Fund, Deputy Finance Minister Alexei Lavrov said on Wednesday at a meeting of the State Duma's Budget and Taxes Committee.
"Augment the revenue base of the federal budget with earnings from management of the sovereign funds, expected to provide 85 billion rubles in total," he said.
The Budget and Taxes Committee is examining a bill that would transfer revenue from management of the funds until February 1, 2017 to the federal budget to finance spending rather than back to the funds themselves, as stipulated in the Budget Code.
The bill also stipulates that any residual federal budget money as of January 1, 2016 be used to form an anticrisis fund of up to 150 billion rubles. The fund would be used to support economic sectors, provide social support to the public, support regional budgets and provide humanitarian assistance abroad.
The State Duma will examine the bill in a first reading on Friday, October 16. The second and third readings are scheduled to follow on October 23.