Russia “opened the piggy bank”: where will the funds of the National Welfare Fund go now

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The National Wealth Fund, or, as it is also called, a "piggy bank" in case of force majeure, was formed from surpluses from Russia's oil and gas and other export earnings. Its funds were invested in securities and foreign currencies, and were also withdrawn from time to time to pay off budget and pension fund deficits.

It is worth noting that the above-mentioned investments turned out to be extremely unreliable, since after the imposition of sanctions by the West, our country lost half of its “piggy bank”. However, the losses could have been much more serious if the Russian authorities had not decided to exclude the dollar from the NWF from 2021.



To date, the size of the fund reaches 11 trillion 106,4 billion rubles, which is comparable to 7,4% of GDP projected for the current year. According to the previously adopted rules, it is possible to finance national projects from the piggy bank only if its liquid part has reached 10% of GDP.

Meanwhile, just last week, the government of the Russian Federation, by its decree number 482, lifted the aforementioned restriction. As a result, it is reported that 2,2 trillion rubles from the NWF will be directed to priority national projects.

In particular, 1,7 trillion will be directed to the development of railway and transport infrastructure, including the construction of the M-12 Moscow-Nizhny Novgorod-Kazan highway, as well as sections of the Kazan-Yekaterinburg and M-11 Neva highways.

The remaining funds are promised to be spent on the reconstruction and construction of housing and communal services.

It is worth adding that these measures will have the best effect not only on infrastructure, but also on the economy our country, increasing the demand for domestic materials and equipment, as well as creating additional jobs.

As for the NWF, it will continue to be filled with oil, gas and other revenues. At the same time, the share of the euro in it will be brought to zero this year, and funds will be invested mainly in gold and yuan.

6 comments
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  1. unc-2
    unc-2
    +3
    April 3 2023 19: 44
    They dig the same hole near my house every summer. Foreign equipment is doing the work. I think with sadness about the time when this equipment will work out its resource.
  2. steelmaker
    steelmaker
    0
    April 4 2023 09: 11
    In particular, 1,7 trillion will be directed to the development of railway and transport infrastructure,

    These are just those areas, "where in the spring all the asphalt washes away." When do you screw up. You might think that we did not allocate money for these purposes at all! Where's the money, Zin?
    1. Nelton
      Nelton
      0
      April 4 2023 11: 29
      Quote: steel maker
      These are just those areas, "where in the spring all the asphalt washes away." When do you screw up. You might think that we did not allocate money for these purposes at all! Where's the money, Zin?

      Comrade, in your chaotic and angry commentary it is generally difficult to understand what the claims are for.
      In previous years, funds were allocated for road construction, the result was quite visible, but the pace had to be increased.
      They finally decided to increase them, the M-12 is being built at an accelerated pace, the first sections were introduced last year.
      1. steelmaker
        steelmaker
        0
        April 4 2023 14: 23
        The first plots were introduced last year.

        Congratulations. It hasn't even been 30 years! Maybe it's gone?
        1. Nelton
          Nelton
          0
          April 4 2023 14: 41
          Quote: steel maker
          The first plots were introduced last year.

          Congratulations. It hasn't even been 30 years! Maybe it's gone?

          Where are 30 years from? M-12 began to be built in 2021.
          Before M-12, they were engaged in other road facilities.
          For example, on the parallel new M-12, on the old M-7, improvements have been constantly going on all these years, and every year it became more convenient and faster.
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  4. Alexbf109
    Alexbf109
    +1
    April 20 2023 13: 46
    All this is good and necessary (roads, utilities ....).
    But guys! THE WAR IS ON!
    Maybe we will first use budget money to saturate the army with shells, UAVs, copters, good and reliable communications, normal first-aid kits ..... And we will win the war!
    And then we will be engaged in "peaceful construction"?! What the.... going on!!!