NWF funds proposed to be used for state support for formation of long-term savings - draft law

MOSCOW. July 17 (Interfax) - At a meeting on Monday, the State Duma Committee on Budget and Taxes approved an amendment to the Budget Code, according to which funds from the National Wealth Fund (NWF) can be directed to state support for the formation of long-term savings.

An amendment to the second reading of the bill (N375105-8) was proposed by Anatoly Aksakov, head of the State Duma committee on the financial market.

Now the funds of the National Welfare Fund can be used to co-finance the voluntary pension savings of Russian citizens, as well as to ensure a balanced federal budget and the budget of the Russian Pension and Social Insurance Fund as mandatory pension insurance.

The amendment approved by the deputies allows, as of 2024, the allocation of funds for state support for the formation of long-term savings.