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Official speaks against idea to consolidate Russian Reserve Fund, National Wealth Fund

January 18, 11:40 UTC+3 BEIJING
Alexey Kudrin put forward the idea to consolidate Russia’s Reserve Fund and the National Wealth Fund
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Russian Deputy Finance Minister Sergey Storchak

Russian Deputy Finance Minister Sergey Storchak

© Sergei Karpov/ITAR-TASS

BEIJING, January 18. /TASS/. The idea to consolidate Russia’s Reserve Fund and the National Wealth Fund is difficult to implement from the technical viewpoint, Deputy Finance Minister Sergey Storchak said on Monday.

"The problem has 2 dimensions - political and technical. The former is related to the fact that amid current macroeconomic environment positive intention of authorities is to focus the resource they have on really using it in most critical time in critical areas. If that is the proposal it has a right to exist," he said.

The technical side of the issue is related to the fact that the funds from the National Wealth Fund are being invested in infrastructure projects and thus, require separate records.

"So from the viewpoint of pure procedure consolidation of the two (funds) is impossible. How could water from two glasses be poured in one? It’s impossible. First you have to at least take our assets, which should be brought back, from the glass where the National Wealth Fund is, and recognize them separately, and it will still be the National Wealth Fund, which will receive the money within 5 or 10 years," Storchak said.

Earlier the former Russian finance minister and the head of the Civic Initiatives Committee think tank Alexey Kudrin put forward the idea to consolidate Russia’s Reserve Fund and the National Wealth Fund. According to Kudrin, amid challenges that exist and will exist within the nearest 2-3 years those funds should be managed as a single asset. This is a conventional border, Kudrin said.

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