Russia will be able to return to accumulating funds in the National Wealth Fund over a five-year period by increasing its own production, as well as revenues from the sale of oil and gas. Economist, member of the Moscow branch of Business Russia Alexey Khizhnyak told URA.RU about this.
“Our country has the ability to increase its own production with high export potential, which will allow us to reduce borrowing from the National Welfare Fund over the five-year cycle and return to the reserve accumulation model. The main thing is two simple things. A strategic plan for five, 10 and 20 years and a clear roadmap for its implementation, with public and private financing, without deviations due to “external circumstances,” said Alexey Khizhnyak.
“For the first time in many years, it is envisaged that the National Welfare Fund will be used to finance additional expenses of the federal budget (above the rule) in the maximum amount of 2.9 trillion rubles in the current year and 1.3 trillion rubles in 2024. Thus, during the transition period, a gradual reduction in the use of NWF funds for additional federal budget expenditures and the normalization of budget policy are envisaged. This approach is intended to help ensure economic and financial stability. Conclusion number one is that we have reserves, they are enough for now, and oil and gas prices are showing growth dynamics, which creates additional new reserves for us,” the expert explained.
Member of the State Duma committee Evgeny Fedorov spoke about the risks of using the URA.RU National Welfare Fund. According to him, excessive injection of money into the economy will lead to explosive inflation. The head of the Ministry of Finance Anton Siluanov said that the government has used four trillion rubles from the National Welfare Fund. He warned that the 2024 budget would be even more difficult. According to him, the country will need new sources of financingas well as resources and solutions.
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2023-09-28 22:03:00