Govt could reconsider decisions on investing NWF money - Siluanov
MOSCOW. Jan 28 (Interfax) - The Russian government might reconsider decisions already reached on investing National Welfare Fund (NWF) money in infrastructure projects, given that projects will be financed via banks that are being recapitalized via OFZ federal loan bonds, Finance Minister Anton Siluanov said at the Federation Council.
"We've agreed we will reconsider decisions we have already reached [on investing NWF money in projects] because in present conditions, NWF money has to be used very carefully. We have problems with the budget, we have to meet current spending commitments, and the NWF is the same as the Reserve Fund, a source in the event the revenue base contracts. Since revenues are in fact contracting, we want to take another look at decisions that have been reached on investing NWF funds," Siluanov said.
He said that if some of these decisions are confirmed, and some of them are adopted, then the mechanism of bank recapitalization might be used to finance them. "We want to achieve two things: on the one hand, to release money via banks, capitalizing them in the framework of the second tier; and on the other, banks will get money for the same projects, which the government will select, at the same cost," he said.
Deputy Russian Prime Minister Arkady Dvorkovich told reporters there were plans to hold a separate meeting devoted to the use of NWF funds. "All that concerns the NWF will be discussed separately. We've agreed there'll be a separate meeting at the highest level," he said.
Dvorkovich said he had not heard any proposals to grant Rosneft money from Rosneftegaz instead of NWF funds to finance investment programs.