On Introducing Changes to the Rules for Forming and Using Budget Allocations of the Investment Fund of the Russian Federation

13 january 2009 года
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The Government of the Russian Federation hereby decrees to:

 

Approve the attached changes to be introduced to the Rules for Forming and Using Budget Allocations of the Investment Fund of the Russian Federation approved by Resolution of the Government of the Russian Federation dated March 1, 2008 # 134 (Collection of Legislation of the Russian Federation, 2008, #10, art. 932, #26, art. 3064).

 

Chairman of the Government of the Russian Federation V. Putin

 

APPROVED by
Resolution of the Government of
the Russian Federation
dated December 29, 2008, #1064

 

CHANGES
to be Introduced to the Rules for Forming and Using Budget Allocations of
the Investment Fund of
the Russian Federation

 

1. In point 19:
a) in paragraph five the second and third sentences are to be taken out;
b) in paragraph six the words “shall be effected by the Ministry of Regional Development of the Russian Federation” are to be replaced with the words “shall be effected”.

2. Section V is to be taken out.

3. Point 25 is to be taken out.

4. In point 28:
a) subpoints “l” and “r” are to be taken out;
b) subpoint “s” is to be added with the words “and the investor’s responsibilities for conducting transactions in monetary funds in order to pay the investor’s expenditure obligations to implement a project through settlement accounts opened for the investor with State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ (hereinafter shall refer to as Vnesheconombank)”.

5. Point 321 is to be added:
“321. The Ministry of Regional Development of the Russian Federation within a week from the date of receiving documents meeting the requirements specified by point 32 hereof shall send the above mentioned documents  (one copy in electronic format) in order to receive expert opinions:
to the Ministry of Economic Development of the Russian Federation (with respect to projects of national significance);
to Vnesheconombank acting as a financial consultant to the Government of the Russian Federation on projects (with respect to projects of national significance and regional investment projects).
Documents, which fail to correspond to the above-mentioned requirements, shall be returned to their initiators with proper justification within a week from the date when they are received by the Ministry of Regional Development of the Russian Federation.
Vnesheconombank shall submit its expert opinion about whether a project is in line with financial, budgetary and economic efficiency criteria to the Ministry of Regional Development of the Russian Federation within a month from the date of receiving the documents.
Within a week after receiving Vnesheconombank’s expert opinion, the Ministry of Regional Development of the Russian Federation shall transfer funds to Vnesheconombank’s account to pay for services on preparing an expert opinion in the amount of 0.02 percent of the value of a project of national significance, or 0.06 percent of the value of a regional investment project.
Vnesheconombank’s services on preparing an expert opinion shall be paid for by way of using budget allocations of the Fund.”.

6. The first paragraph and subpoint “a” of point 33 are to be stated as follows:
“33. The Investment Commission is to be responsible for selecting projects on the basis of:
a) Vnesheconombank’s expert opinion about a project,”.

7. Point 341 is to be added:
“341. In the case that Vnesheconombank submits its expert opinion stating that a project fails to correspond to financial, budgetary or economic efficiency criteria, the Investment Commission shall be entitled to take a motivated decision on selecting the project for financing by way of using budget allocations from the Fund.”.

8.  Point 631 is to be added:
“631. Vnesheconombank shall be responsible for monitoring the investor’s expenses to implement a project on the basis of data on cash flow in the investor’s settlement accounts opened with Vnesheconombank and shall submit relevant financial statements to the Ministry of Regional Development of the Russian Federation.”.

9. Point 76 is to be taken out.

10. Subpoint “a” of point 80 is to be stated as follows:
“a) an expert opinion about a project submitted by Vnesheconombank;”.

11. In point 85:
a)      the first paragraph is to be taken out;
b)      in the second paragraph the words “specified applications” shall be replaced with the words “applications for receiving budget allocations of the Fund.”.

 

Origin: Internet-portal of the Government of the Russian Federation

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On Using Oil and Gas Revenues of the Federal Budget

11 january 2009 года
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As of January 1, 2009 the aggregate amount of the Reserve Fund was 4 027.64 billion rubles, which is equivalent to 137.09 billion US dollars. As of January 1, 2009 amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 63.99 billion US dollars;
  • 43.81 billion euros;
  • 7.31 pounds sterling;

As of January1, 2009 Russia’s reserve position in the IMF formed byway of using the Reserve Fund’s financial resources amounted to 446.88 SDR.

The aggregate calculated income from placing funds of the Reserve Fund recalculated in dollars for a period from January 30, 2008 to December 31, 2008 was 6.34 billion US dollars, which is equivalent to 186.20 billion rubles. Calculated amounts of interest income from placing funds of the Reserve Fund into separate accounts in foreign exchange were (in currency of account and ruble equivalent) 2.28 billion US dollars (67.06 billion rubles); 2.21 billion euros (91.69 billion rubles); 0.64 billion pounds sterling (27.45 billion rubles). The exchange rate difference from recalculating balances of accounts to record funds of the Reserve Fund in foreign currency for a period from January 30, 2008 to December 31, 2008, was a positive value of 509.16 billion rubles.

In accordance with Resolution N 766, as of January 1, 2009, 400.00 billion rubles were transferred from the account to record funds of the National Wealth Fund to be deposited with Vnesheconombank and out of this amount:

  • 225 billon rubles to be deposited for a period up to December 31, 2019, with an interest rate of 7% per annum;
  • 175.00 billion rubles to be deposited for a period up October 21, 2013, with an interest rate of 7% per annum including 35.00 billion rubles in December.

Under the Russian Government Resolution dated December 17, 2007, N 892 “ On Making Settlements and Transferring Funds to Form and Use Oil and Gas Revenues of the Federal Budget, Oil and Gas Transfer, Funds of the Reserve Fund and the National Wealth Fund”, in December 2008, oil and gas revenues of the federal budget for November 2008 in the amount of 303.09 billion rubles were used to form the National Wealth Fund in full.

Under Russian Government Resolution dated January19, 2008, N 18 “On the Procedure for Managing Funds of the National Wealth Fund” in November 2008, a part of oil and gas revenues of the federal budget for September, October and November 2008 in the total amount of 742.98 billion rubles was converted into foreign currency. All conversion transactions in funds of the National Wealth Fund were conducted in conformity with the currency structure approved earlier and didn’t have any impact on the conditions of the foreign exchange market.

As of January1, 2008, the aggregate amount of the National Wealth Fund was 2 584.49 billion rubles, which is equivalent to 87.97 billion US dollars. As of January 1, 2009 amounts of balances were:

1)      in separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

  • 33.96 billion US dollars;
  • 24.13 billion euros;
  • 4.38 pounds sterling;

2)      on deposits with Vnesheconombank

  • 400.00 billion rubles.

The aggregate calculated income from placing funds of the National Wealth Fund recalculated in dollars for a period from January 30, 2008 to December 31, 2008 amounted to 1.88 billion dollars, which is equivalent to 55.32 billion rubles. Calculated amounts of interest income from placing funds of the National Wealth Fund into separate accounts in foreign currency were (in currency of account and ruble equivalent): 0.64 billion US dollars (18.85 billion rubles); 0.67 billion euros (27.76 billion rubles); 0.20 billion pounds sterling (8.72 billion rubles). The exchange rate difference from recalculating balances of accounts to record funds of the National Wealth Fund in foreign currency for a period from January 30, 2008 to December 31, 2008 was a positive value of 211.48 billion rubles.

Indicators of aggregate amounts of the Reserve Fund and the National Wealth Fund as well as of calculated incomes from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions in funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “Reserve Fund and the National Wealth Fund in appropriate subsections in Russian and English, the statistics is updated on a regular basis.

 

Origin: Press Service of Russia’s Finance Ministry

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