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Duma’s Budget Committee is for rejecting bill on Russian Financial Agency

November 18, 2013, 13:31 UTC+3 (Adds details) ¶ MOSCOW

Presently, certain authorities to manage the Reserve Fund are given to the Bank of Russia

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© ITAR-TASS/Alexandra Mudrats

MOSCOW, November 18. /ITAR-TASS/. The budget committee has recommended to the State Duma to reject a bill on organisation of Rosfinagentstvo /Russian Financial Agency/, head of the committee Andrei Makarov said on Monday.

The State Duma adopted the bill in the first reading back in January. The Agency was supposed to provide reliability, liquidity and incomes from placed sovereign funds, their higher yields as well as to lower foreign debt’s expenses. The Agency was supposed to place and register state financial assets, payback, exchange and service of the state debt obligations.

The bill suggests the Agency is an open join-stock company, where the government holds 100% of the shares.

The parliament deputies have been criticising the bill. First of all, they did not like the organisational and legal forms of the financial organisation. Besides they were against regulations for the Agency’s managing bodies by governmental legal acts. Deputies insisted the regulations should be contained in a law. The Budget Code reads that the National Wellbeing Fund and the Reserve Fund are of special statuses and purposes. Thus, the deputies said the level of an act regulating the organisation to manage the funds should be in the form of a separate federal law.

Presently, certain authorities to manage the Reserve Fund are given to the Bank of Russia (Central Bank), while the National Wellbeing Fund’s assets are managed by the Central Bank and special financial organisations under agreements with the Finance Ministry as specified by the country’s government.

However, Russia’s President Vladimir Putin in his budget message suggested considering alternative structures.

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