Russian nuclear-powered icebreaker sets Arctic speed recordScience & Space August 17, 15:06
Client sues Russian mobile operator for $500 mln for writing off six minutes of trafficBusiness & Economy August 17, 14:45
Russian government earmarks $67 mln to fight HIVSociety & Culture August 17, 14:42
Man in Moscow charged with human trafficking for trying to sell four womenSociety & Culture August 17, 14:37
Russian football chief rules out Moscow as venue for Russia-Iran friendly matchSport August 17, 14:30
Russia's defense contractor to display new cluster bomb at Army-2017 showMilitary & Defense August 17, 13:41
Press review: Russia boosts military potential and Donbass awaits crucial meetingPress Review August 17, 13:00
Justice Ministry adds Jehovah’s Witnesses to list of organizations outlawed in RussiaWorld August 17, 12:50
Moscow Zoo welcomes pygmy hippopotamus OliviaSociety & Culture August 17, 12:48
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.