Sources of formation of the national welfare fund of the Russian Federation. Nation's stash: how long will the National Welfare Fund last?

Funds of the National Wealth Fund - part of the federal budget, subject to separate accounting. They are aimed at providing co-financing of pension (voluntary) savings of the population. They also contribute to maintaining a balanced FIU budget. Next, we will analyze the National Welfare Fund.

General information

The financial institution in question was formed on February 1, 2008 after the existing budgetary stabilization structure was divided into the Reserve Fund and the National Welfare Fund of the Russian Federation. The NWF exists at the expense of oil and gas revenues from the federal budget. Since 2008, they have been accounted for separately from other income. In addition, the formation of the National Welfare Fund is carried out at the expense of the profit received from the turnover of its finances.

Oil and gas revenues

The National Wealth Fund of Russia receives profit from:

1. Taxes on the extraction of minerals presented as hydrocarbon raw materials. In particular, it includes combustible natural gas and gas condensate, oil from all types of fields.
2. Customs export duties on raw materials and processed products.

Some of the above revenues in the form of oil and gas transfers are annually directed to finance federal budget expenditures. The amount of income is established by the relevant Federal Law for the planning period and the next year. The volume of the transfer is reflected as a percentage of the projected volume of GDP:

• In 2008 - 6.1.
• In 2009 - 5.5.
• In 2010 - 4.5.
• In 2011 and beyond - 3.7.

After reaching the full amount of the transfer, the proceeds are sent to the Reserve Fund and the National Welfare Fund. The normative value of the first is established by the Federal Law on the federal budget for the planned period and the upcoming financial year in absolute terms. It is determined on the basis of the projected 10% GDP for the relevant period. The Reserve Fund and the National Welfare Fund are replenished sequentially. First, the standard size of the first is reached, and then injections are made into the NWF.

Accounting

Oil and gas revenues received by the National Welfare Fund of Russia are recorded in separate accounts of the budget. They are opened in the Central Bank by the Federal Treasury. Transfers and settlements related to the creation and use of oil and gas revenues are carried out by the Ministry of Finance. The procedure for performing these operations is established by the Government.

Management of the National Welfare Fund

Income from this activity acts as another financial source. The goals of administration are to ensure the safety and stable level of profit from placement in the long term. The management of the Fund assumes the possibility of a negative financial result in the short term. Administration is carried out by the Ministry of Finance in accordance with the procedure established at the government level. Separate powers in this activity belong to the Central Bank. When attracting specialized financial companies to perform certain functions related to the management of the Fund, this process, as well as the requirements for entities, are established by the Government of the country.

Administration methods

The resources that make up the Russian National Welfare Fund are controlled and coordinated as follows:

The Ministry of Finance coordinates and uses the National Wealth Fund according to the first method. Placement of finances on foreign currency accounts of the Central Bank is carried out in accordance with the procedure approved by the Ministry of Finance for the calculation and crediting of interest established on accounting accounts. The Bank makes payments on balances equivalent to the profitability of the indices. The latter are formed from assets intended for the placement of finances that make up the National Welfare Fund. The government has set maximum shares of permitted assets in the total value of the NWF. To improve coordination, the Ministry of Finance is authorized to set normative indicators within the limits approved at the Federal level.

Asset requirements

The finances that make up the volume of the National Wealth Fund may be invested in debt obligations as securities of foreign states, foreign agencies and central banks of such countries as:

The following requirements are set for debt obligations:

1. Foreign issuers must have a long-term credit rating of at least 'AA-' as classified by Standard & Poor's or Fitch Ratings, or at least 'Aa3' as defined by Moody's Investor Service. If different positions are assigned to the subject, then the smallest of them is considered indicative.
2. The rating of Russian issuers must be at least "BBB-" or "Baa3" according to the classifications of the above agencies, respectively. If different positions are assigned to the subject, then the smallest of them will also be considered indicative.
3. The terms during which debt obligations must be repaid are fixed. The terms of circulation and issue do not imply the issuer's right to early redemption.
4. The norms of the maximum and minimum terms to maturity of obligations established by the Ministry of Finance are considered mandatory.
5. The coupon income rate, which is paid on the respective debts, as well as nominal values ​​are fixed.
6. The volume of issuance of bonds that are in circulation is at least 1 billion rubles, 1 billion dollars, 1 billion euros and 0.5 billion pounds st. for the respective accounts.
7. The value is fixed. It is expressed in euros, dollars, rubles or f. sterling. Payments are made in the currency of the face value.

Subjects

International financial institutions, in whose obligations the assets constituting the National Welfare Fund can be placed, are banks:

1. Asian (ABD).
2. Development under CE.
3. European investment.
4. Inter-American (IADB).
5. European (reconstruction and development).
6. Northern investment.
7. International (reconstruction and development).

The Financial International Corporation (IFC) is also referred to the subjects.

Requirements for securities

Shares of legal entities and participation shares (shares) of investment funds in which funds of the NWF can be placed must meet certain conditions. In particular:

1. Organizations' securities must be listed on at least one stock exchange.
2. Shares of foreign issuers must be included in the lists used in the calculation of the RTS and MICEX indices.
3. Only eligible assets must be included in the funds of investment funds that issue shares.

Placement on deposits

For its implementation, the following conditions must be met:

1. The credit company or bank must be in the long-term credit rating at a position not lower than "AA-" according to the classification of Standard and Poor's or Fitch Ratings or Aa3 agencies according to the Moody's Investor Service list. If the organization is at different levels according to these systems, then the smallest one is considered indicative.
2. The norms for the maximum and minimum period for the placement of assets that form the National Wealth Fund, approved by the Ministry of Finance, are mandatory.

Placement in the state corporation "Vnesheconombank"

To be eligible for deposits, the following requirements must be met:

1. Placement in Russian and foreign permitted currencies (dollars, pounds sterling, euros) is allowed.

2. The maximum allowable total amount within which assets can be held on deposits in rubles is 655 billion rubles. Wherein:

Funds in the amount of up to 175 billion can be placed on accounts, the terms, amounts and other material conditions for which are established by the Ministry of Finance;

Up to 410 billion can be kept on deposits in the manner approved by the Government, subject to the following conditions:

b) at the rate of 8.5% until 31 Dec. 2010 (inclusive).

Assets in the amount of up to 30 billion can be placed at a rate of 8.5% until December 31, 2017 in accordance with the procedure established by the Government;

Interest payments throughout the entire term are made quarterly;

The possibility of early return of funds is allowed with the consent of the state corporation "Vnesheconombank"; interest is paid for the actual period the finance is on deposit.

3. Terms and amounts of placement are determined by the Ministry of Finance in accordance with the specified requirements; the transfer is made by the Federal Treasury, in accordance with the decision of the Finance Ministry.

Important point

The assets that form the National Welfare Fund can be directed exclusively to co-financing the population's voluntary pension savings and covering the deficit (balancing) of the PFR budget. The distribution procedure is established by the relevant Federal Law No. 56. This Law regulates insurance (additional) contributions to the funded share of the working pension and state support for the formation of savings. The volume of the National Welfare Fund - the amount of assets allocated for the above purposes - is established by the Federal Law on fed. budget for the planning period and the reporting year according to the BC.

Operations reporting

The Ministry of Finance publishes on a monthly basis information concerning the receipt and use of oil and gas revenues at its disposal, the value of the assets of the NWF at the beginning of the month. The documents also provide information on the transfer of funds, placement and subsequent distribution during the reporting period. The Ministry of Finance also provides annual and quarterly reports on the receipt and use of received oil and gas revenues, the formation and turnover of assets of the National Fund. Welfare. This information is included in the acts on the results of the implementation of articles of the federal budget. In addition, the Ministry of Finance provides an annual and quarterly report on the management of funds included in the Fund. The government of the country, as part of acts on the results of the implementation of articles of the federal budget, submits to the State Duma of the Federal Assembly and the Council of Federations information on the receipts and use of the oil and gas profits received, the creation and turnover of NWF assets, as well as on coordinating their distribution. Reporting is provided once a year and quarterly.

Operations audit

In the process of implementing the adopted and approved articles of the federal budget, control measures are taken. The Accounts Chamber is authorized to carry them out. The control is aimed at checking the creation, circulation, management of assets that make up the NB Fund. The Accounts Chamber submits a prompt quarterly report to the Federal Assembly. It contains the results of the execution of budget items, containing information on the receipt of income and expenses incurred, including, among other things, data on the replenishment, turnover and management of the funds of the NB Fund.

reserve fund

It is a financial institution whose assets are put into circulation to stabilize the budget during a decline in revenues or for government needs in the long term. In addition to economic functions, the Reserve Fund also performs political tasks. In particular, the presence of such assets prevents a rapid increase in government spending. As a rule, such costs cannot be quickly reduced immediately after a drop in income. In unfavorable periods, such a situation can provoke a budget deficit, failure to fulfill social obligations, and default. The reserve background acts as a macroeconomic tool to maintain the level of aggregate demand and long-term economic growth. The state restrains consumption during periods of rapid progress. This is necessary to reduce inflation. At the same time, when purchasing activity falls, the state (during periods of stagnation) stimulates demand. In such years, the government may spend more money than it receives in taxes. This increases the total national expenditure, allows companies not to reduce production rates, not to lay off workers. With inflation, the government reduces costs to prevent price increases. The difference in expenditures and revenues of the total budget may be directed to the Reserve Fund.

Main functions

The reserve fund is a separate part of the finance budgets of all levels, which has received the form of targeted assets. They are designed to ensure the uninterrupted provision of costs, both previously provided for and unforeseen, which arise suddenly and are of an accidental or extraordinary nature. The funds constituting the Reserve Fund may be spent on carrying out emergency and recovery measures related to the elimination of the consequences of man-made disasters, natural disasters and other emergencies that occurred in the current financial period. This structure implements two main functions:

1. Assets can be spent to cover the deficit of state budget items in case of unfavorable market conditions.
2. During periods of high prices for raw materials, the Fund's funds contribute to the accumulation of excess export earnings and the prevention of the development of the Dutch economic disease.

The procedure in accordance with which the assets are included in the turnover is established by the regulations of the Government. Additional clarifications on the requirements for spending reserve funds may be provided for by orders of the executive bodies of the subjects or local self-government. The amount of accumulated assets cannot be more than 3% of approved federal budget expenditures.

The National Wealth Fund of the Russian Federation was founded on February 1, 2008 after the dissolution of the stabilization fund The National Wealth Fund of the Russian Federation was founded on February 1, 2008 after the dissolution of the stabilization fund. In addition to the creation of the National Welfare Fund, a reserve fund was also established.

The political practice of founding a national wealth fund has been successfully operating for several decades in a number of foreign countries. The National Wealth Fund is most often created in the territories that provide a stable supply of oil abroad.

Purpose

The purpose of the National Wealth Fund is to participate in the process of providing citizens of the Russian Federation with pension payments. Thus, the National Welfare Fund is a certain share of the federal budget's cash savings, aimed at supporting the financing of the funded part of citizens' pensions and supporting the payments of the Pension Fund in case of a shortage of funds.

Compound

The National Welfare Fund is replenished by two types of income:

1) Oil and gas cash receipts to the federal budget, provided that the reserve fund meets the standard in terms of volume.

2) Profits from management activities with the savings of the national wealth fund.

Oil and gas cash receipts, in turn, consist of:

Collection of taxes on the extraction of raw materials.

Customs fees for the export of produced oil.

Customs fees for the export of gas produced from the bowels of the earth.

Customs duties for the export of refined products.

Management activity on the accumulation of the National Wealth Fund is carried out by the Ministry of Finance of the Russian Federation. The procedure for managing the National Wealth Fund is strictly regulated by law. Some functions of savings management are performed by the Central Bank of the Russian Federation.

The volume of financial savings that make up the National Wealth Fund as of May 1, 2016 was estimated at 4,751,69 billion rubles.

Placement of assets

A certain share of the financial savings of the National Wealth Fund is included in the international reserve of the Russian Federation. This share is translated into the monetary units of other states and is listed on the bank accounts of the Central Bank of the Russian Federation. The Government of the Russian Federation, in turn, has the right to invest a share of the National Wealth Fund in the financial assets of other states.

This situation creates some danger for the National Wealth Fund, due to the impossibility of a quick withdrawal of savings when there is an urgent need.

As of the summer of 2016, the accounts of the Central Bank of the Russian Federation, taking into account the share of the National Wealth Fund, contain approximately 19.56 billion US dollars, 20.76 billion euros, 3.83 billion British pounds. All listed financial assets are taken into account when calculating the gold and foreign exchange reserve of the Russian Federation.

Thus, the gold and foreign exchange reserve of the Russian Federation is reliable, but does not bring significant income compared to the national wealth fund, which can bring more income if properly managed, but at the same time is more risky when investing.

Editor: Igor Reshetov

The National Wealth Fund is part of the federal budget. The Fund is intended to become part of a sustainable mechanism for providing pensions to citizens of the Russian Federation for the long term. The goals of the National Welfare Fund are to ensure co-financing of voluntary pension savings of citizens of the Russian Federation and to ensure a balance (covering the deficit) of the budget of the Pension Fund of the Russian Federation.

Management Goals

The objectives of managing the resources of the National Wealth Fund are to ensure the safety of the Fund's resources and a stable level of income from its placement in the long term. Management of the Fund's resources for these purposes allows for the possibility of obtaining negative financial results in the short term.

Managment structure

The management of the funds of the National Wealth Fund is carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation. Separate powers to manage the resources of the National Wealth Fund may be exercised by the Central Bank of the Russian Federation. In the case of attracting specialized financial organizations to exercise certain powers to manage the funds of the National Wealth Fund, the procedure for attracting these organizations, as well as the requirements for them, are established by the Government of the Russian Federation.

The management of the funds of the National Wealth Fund can be carried out in the following ways (both individually and simultaneously):

1) by acquiring foreign currency at the expense of the Fund and placing it on the accounts of the National Wealth Fund in foreign currency (US dollars, euros, pounds sterling) at the Central Bank of the Russian Federation. For the use of funds on these accounts, the Central Bank of the Russian Federation pays the interest established by the bank account agreement;

2) by placing the Fund's resources in foreign currency and financial assets denominated in Russian rubles and permitted foreign currency (hereinafter referred to as permitted financial assets).

The Ministry of Finance of the Russian Federation manages the funds of the National Wealth Fund in accordance with the first method, that is, by placing funds in foreign currency accounts with the Central Bank of the Russian Federation as follows. According to the procedure for calculating and crediting interest accrued to the accounts of the National Wealth Fund in foreign currency, approved by the Ministry of Finance of the Russian Federation, the Bank of Russia pays interest on the balances on these accounts equivalent to the yield of indices formed from financial assets in which the Fund's funds can be placed national welfare, the requirements for which are approved by the Government of the Russian Federation.

The Government of the Russian Federation sets the maximum share of permitted financial assets in the total amount of placed funds of the National Welfare Fund. In order to improve the efficiency of managing the funds of the National Wealth Fund, the Ministry of Finance of the Russian Federation is authorized to approve the regulatory shares of permitted financial assets in the total amount of placed funds of the National Wealth Fund within the appropriate shares established by the Government of the Russian Federation.

Table 2 - Regulatory shares of permitted financial assets

The Government of the Russian Federation has established the following requirements for these financial assets:

1. Funds of the National Wealth Fund may be placed in debt obligations in the form of securities of foreign states, foreign state agencies and central banks of the following countries:

Great Britain;

Germany;

Luxembourg;

Netherlands;

Finland;

2. debt obligations must meet the following requirements:

foreign issuers of debt obligations must have a long-term credit rating of at least "AA-" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor"s) or not lower than "Aa3" according to classification of the rating agency "Moody's Investors Service" (Moody's Investors Service). If a foreign issuer of debt obligations has been assigned different long-term credit ratings by the said agencies, then the lowest of the assigned ratings shall be taken as the long-term credit rating;

Russian issuers of debt obligations must have a long-term credit rating of at least "BBB-" according to the classification of the rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor's" (Standard & Poor's) or not lower than the level of "BaaZ" according to classification of the rating agency "Moody's Investors Service" (Moody's Investors Service). If a Russian issuer of debt obligations is assigned different long-term credit ratings by the said agencies, then the lowest of the assigned ones is taken as the long-term credit rating;

the maturities of issues of debt obligations are fixed, the terms of issue and circulation do not provide for the issuer's right to redeem (redemption) them ahead of schedule;

the terms of issue and circulation of debt obligations of foreign issuers do not provide for the right of the owner of debt obligations to present them ahead of schedule for redemption (redemption) by the issuer;

the norms of the minimum and maximum terms to maturity of issues of debt obligations, established by the Ministry of Finance of the Russian Federation, are mandatory;

the rate of coupon income paid on coupon debt obligations, as well as the face values ​​of debt obligations are fixed;

the nominal value of debt obligations is fixed and is expressed in Russian rubles, US dollars, euros or pounds sterling, payments on debt obligations are made in the currency of par value;

the volume of issuance of debt obligations in circulation is at least 1 billion rubles for debt obligations denominated in Russian rubles, 1 billion US dollars for debt obligations denominated in US dollars, at least 1 billion euros - for debt obligations, denominated in euros, and not less than 0.5 billion pounds sterling - for debt denominated in pounds sterling;

issues of debt obligations are not issues intended for private (non-public) placement.

3. international financial organizations, in whose debt obligations the funds of the National Welfare Fund may be placed, include debt obligations (including securities) of the following institutions:

Asian Development Bank (ABD);

Development Bank under the Council of Europe (Council of Europe Development Bank, CEB);

European Bank for Reconstruction and Development (EBRD);

European Investment Bank (European Investment Bank, EIB);

Inter-American Development Bank (IADB);

International Finance Corporation (IFC);

International Bank for Reconstruction and Development (IBRD);

Nordic Investment Bank (NIB).

4. Shares of legal entities and shares (participatory interests) of investment funds in which the funds of the National Wealth Fund can be placed must meet the following requirements:

shares of legal entities must be included in the quotation list of at least one stock exchange;

shares of foreign issuers must be included in the lists of securities used to calculate the stock indexes "MSCI World Index" (MSCI World Index) and "AFTSI All-World Index" (FTSE All-World Index);

shares of Russian issuers must be included in the lists of securities used to calculate the stock indices "RTS Index" or "MICEX Index";

the assets of investment funds that have issued shares (participatory interests) must include only permitted financial assets.

5. When placing funds from the National Wealth Fund on deposits and bank accounts in banks and credit organizations, the following requirements must be met:

a bank or a credit institution must have a long-term credit rating of at least "AA-" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor's" or not lower than "Aa3" according to classification of the rating agency "Moody's Investors Service" (Moody's Investors Service). If a bank or a credit organization is assigned different long-term credit ratings by the said agencies, then the lowest of the assigned ratings shall be taken as the long-term credit rating;

the standards for the minimum and maximum terms for placing funds from the National Wealth Fund on deposits in banks and credit institutions established by the Ministry of Finance of the Russian Federation are mandatory;

6. When placing funds from the National Wealth Fund on deposits with the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", the following requirements must be met:

a) funds can be placed on deposits in Russian rubles, US dollars, euros and pounds sterling;

b) the maximum allowable aggregate amount within which funds can be placed on deposits in Russian rubles is 955 billion rubles, while:

up to 175 billion rubles can be placed on deposits, the amounts, terms and other material conditions for which are determined by the Ministry of Finance of the Russian Federation;

up to 410 billion rubles can be placed on deposits in the manner established by the Government of the Russian Federation, on the following terms:

up to 40 billion rubles can be placed on deposits at a rate of 6.25 percent per annum for a period up to June 1, 2020 in the manner established by the Government of the Russian Federation;

up to 30 billion rubles can be placed on deposits at a rate of 6.25 percent per annum for a period up to December 31, 2017 in the manner established by the Government of the Russian Federation;

up to 300 billion rubles can be placed no later than December 31, 2012 on deposits at a rate of 6.25 percent per annum for a period up to December 30, 2022 inclusive.

payment of interest from the placement of funds during the entire period is carried out quarterly.

the possibility of early return of funds is allowed with the consent of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", while interest on the placement of funds is paid for the actual period of the funds on deposit.

c) the amounts and terms of placement of funds are determined by the Ministry of Finance of the Russian Federation, taking into account the specified requirements; placement of funds on deposits is carried out by the Federal Treasury by decision of the Ministry of Finance of the Russian Federation.

Information on the placement of funds from the National Wealth Fund on deposits with the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" is published in the "Statistics" subsection.

7. The Ministry of Finance of the Russian Federation has the right to establish additional requirements for permitted financial assets within the limits of the requirements established by the Government of the Russian Federation. In accordance with the powers granted by the Government of the Russian Federation, the Ministry of Finance of the Russian Federation approved:

1. maximum shares in the total amount of the Fund's resources: in Russian rubles - 40%; in foreign currency - 100%.

2. the regulatory currency structure of the National Wealth Fund in foreign currency in the following composition:

3. current terms to maturity of issues of debt obligations of foreign states, debt obligations permitted for the placement of funds from the National Welfare Fund:

for debt denominated in US dollars and euros (excluding Spanish government debt):

For GBP-denominated debt (other than Spanish government debt):

For Spanish government debt:

The terms indicated above are valid at the time of the acquisition of debt obligations at the expense of the National Wealth Fund or at the time of formation of indices from debt obligations used to calculate the amounts of interest accrued on cash balances on accounts for recording funds of the National Wealth Fund in permitted foreign currencies, opened by the Federal Treasury in the Central Bank of the Russian Federation.

4. a list of foreign state agencies in whose debt obligations the funds of the National Welfare Fund can be placed (as agreed with the Central Bank of the Russian Federation):

Austrian Export-Import Bank (Oesterreichische Kontrollbank Aktiengesellschaft, OKB);

Public Lending Agency, Spain (Instituto de Credito Oficial, ICO);

Motorway and Motorway Financing Agency, Austria (Autobahnen - und Schnellstrassen - Finanzierungs - Aktiengesellschaft, ASFINAG);

Group of Banks for Reconstruction and Development, Germany (Kreditanstalt fur Wiederaufbau Bankengruppe);

Export Development Canada (EDC);

Community Bank of the Netherlands (Bank Nederlandse Gemeenten, BNG);

Society for medium-term financing of the railway network, UK (Network Rail MTN Finance CLG (Plc));

Agricultural Rent Bank, Germany (Landwirtschaftliche Rentenbank);

Federal Home Loan Mortgage Corporation, Freddie Mac;

Federal National Mortgage Association, USA (Federal National Mortgage Assosiation, Fannie Mae);

Federal Home Loan Banks, USA (Federal Home Loan Banks, FHLBanks);

Federal Farm Credit Banks, USA (Federal Farm Credit Banks, FFCB);

Municipal Loan Fund, France (Dexia Group);

Social Security Debt Service Fund, France (Caisse d "Amortissement de la Dette Sociale, CADES);

French Mortgage Fund (Credit Foncier de France, CFF).

5. maximum nominal amount of purchased debt obligations of one issue:

for debt obligations of foreign states - 25% of the nominal volume of the issue;

for debt obligations of foreign government agencies, central banks and international financial organizations - 5% of the nominal volume of the issue.

INTRODUCTION………………………………………………………………………… 3

1.1 The concept of the reserve fund, its functions and tasks………………………....6

1.2 Reserve funds of different countries of the world……………………………….……...10

2.1 Formation and use of the fund's resources …………………………..14

2.2 Fund management ……………………………………………..17

2.3. Reporting and audit of the Fund ……………………………………………………26

3.1 Analytical information about the funds of the fund …………………………..30

3.2 Availability of information about the Fund…………………………………………36

3.3 Problems and prospects for the development of the Fund………………………………...38

CONCLUSION………………………………………………………………...45

LIST OF USED LITERATURE………………………...48

APPENDICES………………………………………………………………..51

INTRODUCTION

State Reserve Accumulation Fund - a special monetary fund that is used to stabilize the state budget during periods of decline in state revenues and / or for public needs in the long term. The official names of such funds are different, the most commonly used are the stabilization fund and the fund for future generations.

Reserve funds are created in those states whose budget is highly dependent on market factors, as a rule, world commodity prices. In addition, some countries accumulate funds in such funds for the period when the mineral resources are depleted.

The reserve fund performs two functions. First, its funds can be used to cover the state budget deficit at the time of unfavorable market conditions. Secondly, during periods of high commodity prices, the fund allows the accumulation of excess export earnings and prevents the development of the Dutch economic disease.

The thesis of excess export earnings may seem paradoxical. The growth of export earnings usually leads to a rapid strengthening of the national currency. In itself, such a strengthening is not a threat to the economy, however, constant exchange rate fluctuations following price fluctuations create macroeconomic instability and do not allow companies to choose a certain strategy - to adapt to a low or high exchange rate. In addition, in the context of high administrative barriers and strong monopoly (which is typical for most resource-exporting countries), an increase in export earnings leads to an increase in inflation.

In addition to purely economic tasks, the reserve fund performs the political task of preventing a rapid increase in government spending. Government spending, as a rule, cannot be quickly reduced following a fall in income. As a result, during periods of unfavorable economic conditions, this can lead to large budget deficits, failure to fulfill promised social obligations, and default on public debt. Such consequences are much more devastating for the economy than fluctuations in the size of the state budget themselves.

The need to create reserve funds is debatable. A number of economists and politicians believe that it is more efficient not to keep money in reserve, but to use it for import purchases that work for the future of the country: for example, to buy patents and equipment, pay for student education abroad, etc. This tactic avoids the negative consequences of a favorable conjuncture, without resorting to the actual freezing of funds in the reserve fund.

Thus, we can conclude that the chosen topic is relevant.

The purpose of this course work is to identify the features of the formation and use of the National Welfare Fund of the Russian Federation. To achieve this goal, it is necessary to solve the following tasks:

To study the concepts of the reserve fund, its functions and tasks;

Consider the reserve funds of different countries of the world;

To study the conditions and principles for the formation and use of the fund's resources;

Consider the fund management system;

To study the reporting and audit of the Fund;

Conduct an analysis of analytical information about the funds of the fund;

To study the availability of information about the Fund;

To study the problems and prospects for the development of the Fund.

The subject of research in this course work are the processes of formation and use of financial resources of state reserve funds.

The object of the study is the National Welfare Fund of the Russian Federation.

To write this course work, modern economic periodicals, Internet resources, and legal acts were used.

1. THEORETICAL FOUNDATIONS FOR THE FORMATION AND USE OF RESERVE FUNDS

1.1 The concept of the reserve fund, its functions and tasks

In the expenditure part of the budgets of all levels of the budgetary system of the Russian Federation, the creation of reserve funds is envisaged: executive authorities; local authorities.

Budget reserve funds are a separate part of the funds in the budgets of all levels, which have received the form of target budget funds designed to ensure uninterrupted financing of both previously provided costs and unforeseen expenses that arose suddenly and are of an emergency or accidental nature.

The resources of the reserve funds are used to finance unforeseen expenses, including for emergency recovery work to eliminate the consequences of natural disasters and other emergencies that occurred in the current financial year.

The reserve fund performs two functions. First, its funds can be used to cover the state budget deficit at the time of unfavorable market conditions. Secondly, in times of high commodity prices, the fund allows the accumulation of excess export earnings and prevents the development of the Dutch economic disease.

The procedure for spending them is established by regulatory legal acts of the Government of the Russian Federation, executive authorities of the constituent entities of the Russian Federation or local governments.

Reserve funds are designed to:

- to ensure uninterrupted financing of activities provided for by the budget, even in cases where budget revenues are below the planned value;

- contribute to maintaining a balance between budget revenues and expenditures, directly affecting its sustainability;

- act as one of the sources of compensation for damage caused to state and municipal property by natural forces;

- to maneuver cash in order to eliminate intra-annual cash gaps;

- meet newly emerging urgent needs, eliminate the imbalances that arise in the course of budget execution.

Being a kind of financial reserves, budget reserve funds are characterized by specific features:

- they belong to the centralized reserves of society and have a wide scope;

- they are distinguished by the scale of their influence on the reproduction process, since they contribute to the stability of the country's economy as a whole, maintaining the stable functioning of its industries in the event of emergency and unforeseen events;

- their education is always mandatory, legally formalized;

- they are universal in terms of use, because are designed to meet any additional need for funds arising in the budget of any level in connection with the onset of extraordinary and unforeseen events.

The source of the formation of reserve funds is the funds accumulated in the budgets of all levels.

The formation of budgetary reserves is reflected in the expenditure side of the budget, in some cases it is shown behind the balance sheet of budget revenues and expenditures. However, the inclusion of budgetary reserves in the expenditure part of the budget does not mean that they are a regular budget expenditure, since they represent a kind of reserve of budgetary resources that are mobilized to the budget, but reserved in case of need for additional funding associated with the occurrence of unplanned expenses in the process of budget execution.

Unlike ordinary budget expenditures, which are gradually and continuously carried out during the budget year, they are used only during the onset of a certain kind of events and circumstances. If such events do not occur during the budget year, then these funds remain unclaimed and must be transferred to the next year as an element of national wealth.

In the federal and regional budgets, reserve funds of the executive authorities of the Russian Federation and constituent entities of the Russian Federation are created, in local budgets - reserve funds of local governments.

The amount of reserve funds in the federal budget cannot exceed 3% of approved federal budget expenditures.

The amount of reserve funds in the budgets of the constituent entities of the Russian Federation is established by the legislative (representative) authorities of the constituent entities of the Russian Federation when approving regional budgets for the next financial year.

The use of reserve funds is based on the decisions of those state authorities and local self-government bodies at the disposal of which they were created. Funds are used to finance unforeseen expenses.

The form of spending the reserve funds is determined by the functional purpose of the allocated resources. The procedure for spending the resources of the reserve funds is established by the regulatory legal acts of the Government of the Russian Federation, executive authorities of the constituent entities of the Russian Federation and local governments. They are obliged to quarterly inform the relevant bodies of legislative (representative) power and local self-government about the expenditure of reserve funds.

Thanks to such information, at all levels of the budgetary system of the Russian Federation, current control is exercised by the legislative (representative) authorities and local self-government over the targeted and rational use of reserve funds.

The functioning of reserve funds in the budgets of all levels of the budget system, the multifunctionality of their purpose require the creation of various types of reserve funds. This is explained by the different composition of the powers assigned to each level of government, on which the need for reserves depends and what is the reason for the differentiation of types and purposes of use. In addition, the existence of many types of budgetary reserves is caused by a large number of unforeseen events and circumstances, the maintenance of which is entrusted to them.

In Russia, the reserve funds of budgets include: the Reserve Fund of the President of the Russian Federation, the reserve funds of the presidents of the republics within the Russian Federation, the reserve funds of the executive authorities. The excess of revenues over expenditures formed in the process of budget execution can also be used as a reserve.

Reserve funds according to their functional purpose are divided into: strategic, insurance and operational.

Strategic budgetary reserves are intended to finance large-scale expenditures designed for the future: the development of promising science-intensive industries, the development of newly discovered mineral deposits, and the strengthening of the country's defense capability. For these purposes, the funds of the reserve fund of the President of the Russian Federation and the reserve fund of the Government of the Russian Federation are partially used.

Insurance budgetary reserves make it possible to ensure the uninterrupted development of the economy and the livelihoods of the population in the event of large-scale natural disasters and catastrophes, compensate for the damage caused by such emergency events. These, first of all, include the Reserve Fund of the Government of the Russian Federation for the Prevention and Elimination of Emergencies and the Consequences of Natural Disasters, which performs the functions of a centralized insurance fund. Similar funds can be created in the budgets of the constituent entities of the Russian Federation.

Operational budgetary reserves are formed to finance unforeseen urgent measures, eliminate intra-annual cash gaps, etc. To solve these problems, contingency funds, circulating cash, etc. are created in the budgets.

Thus, we examined the concept of "reserve fund", found out that their creation is provided for in the expenditure part of the budgets of all levels of the budget system of the Russian Federation, since they are necessary to ensure uninterrupted financing of both previously provided costs and unforeseen expenses that arose suddenly and have an emergency or random. The procedure for spending them is established by regulatory legal acts of the Government of the Russian Federation, executive authorities of the constituent entities of the Russian Federation or local governments.

We also found out that in Russia the reserve funds of budgets include: the Reserve Fund of the President of the Russian Federation, the reserve funds of the presidents of the republics within the Russian Federation, the reserve funds of the executive authorities.

1.2 Reserve funds around the world

The Alaska Permanent Oil Fund was created in 1976 following a referendum among the people of the state. The fund deducts 25% of the funds received by the state government from oil companies (taxes, drilling licenses, fees for the use of the oil pipeline), and part of the profits goes to dividends to the people of Alaska.

At the end of 2005, its volume amounted to $32 billion, and dividends - $845 per person. The fund has returned 5.78% over the past five years. The portfolio includes shares of US companies (35%), US bonds (25%), securities of other countries (22%), real estate (10%) and other investments (8%).

The State Oil Fund of Azerbaijan was founded on December 29, 1999. The fund concentrates funds received from the export of oil and gas, as well as from the financial activities of the fund itself. As of April 1, 2010, the fund concentrated funds totaling 16 billion 243 million 300 thousand dollars.

In 1998, the Macroeconomic Stabilization Fund was established in Venezuela. Initially, the criteria for replenishing the fund were formulated rather rigidly: if the world oil price exceeds the standard price ($14.7 per barrel), then every dollar in excess of this goes to the fund. In the future, the rules for transferring funds to the fund changed, and the state budget was reduced to a permanent deficit. By 2003, they managed to accumulate $2.59 billion, but the government of Hugo Chavez soon spent this money and now the fund is actually not functioning.

There are two funds in Kuwait - the Budgetary Reserve Fund (since 1960) and the Reserve Fund for Future Generations (since 1976). 10% of state revenues are transferred to the fund for future generations (regardless of their origin and oil prices). By the end of 2004, the volume of both funds reached $80 billion (about 170% of GDP). The nature of the placement of the funds' funds is not disclosed, although it is known that money is invested in securities of developed countries. It was from these funds that Kuwait financed the reconstruction of the country after the 1990-1991 war.

In Norway, the State Oil Fund was established in 1990. It plays the role of both a stabilization fund and a “fund for future generations”. The procedure for filling the fund is determined by the government and approved annually by the parliament, about half of the state budget's oil revenues go to it.

At the beginning of 2006, the fund had accumulated $220 billion (75% of GDP). The profitability of the Oil Fund in 2005 was 8.58%. On average, over nine years it amounted to 4.47%, and in 2001-2002 the fund suffered losses. About 46% of the fund's assets are invested in stocks and the rest in bonds.

The Norwegian government is pursuing a policy of replenishing the State Oil Fund very tough. As a result, the relationship between the inflow of petrodollars and budget expenditures has even become inverse: the higher the oil prices, the lower the budget expenditures, and vice versa.

In Oman, in 1980, the State Reserve Fund was established, and in 1993, the Oil Fund was also established. At the same time, all oil revenues at a price of up to $15 per barrel go to the budget, the next $2 per barrel - to the State Reserve Fund, the next $0.5 per barrel - to the Oil Fund, and at a price of more than $17.5 per barrel, oil excess profits again go to budget. However, it was not possible to fill the funds, as their funds were constantly used to cover the budget deficit.

Chile's Copper Stabilization Fund was established in 1985. Every year, the Chilean Ministry of Finance sets an indicative (base) price for copper. If the real export price exceeds it, then the excess income is transferred from the budget to the fund. At the beginning of 2006, over $1 billion was accumulated in the fund.

In Russia, the Stabilization Fund has existed since 2004. It transfers state revenues from oil production and export (in terms of export duties and mineral extraction tax) when the world oil price exceeds a specially defined “cut-off price”. That is, the state budget receives funds as if the price of oil were equal to the “cut-off price”, and everything in excess of this goes to the Stabilization Fund. Initially, the "cut-off price" was set at $20 per barrel, then it was raised to $27.

Since February 1, 2008, the stabilization fund has been divided into two parts: the Reserve Fund of $125.41 billion (3,069 billion rubles) and the National Welfare Fund of $31.98 billion (782.8 billion rubles).

The National Wealth Fund is part of the federal budget. The Fund is intended to become part of a sustainable mechanism for providing pensions to citizens of the Russian Federation for the long term. The goals of the National Welfare Fund are to ensure co-financing of voluntary pension savings of citizens of the Russian Federation and to ensure a balance (covering the deficit) of the budget of the Pension Fund of the Russian Federation.

Thus, we have considered examples of reserve funds of various countries of the world: the reserve fund of Alaska, the state oil fund of Azerbaijan, the macroeconomic stabilization fund of Venezuela, the budgetary reserve fund and the reserve fund for future generations of Kuwait, the state oil fund of Norway, the state reserve and oil funds of Oman, copper stabilization fund of Chile, as well as the National Welfare Fund of the Russian Federation.

2. FUND OF THE NATIONAL WEALTH OF THE RUSSIAN FEDERATION: PRINCIPLES OF FORMATION, BASIS OF MANAGEMENT AND DIRECTIONS OF USE

2.1 Formation and use of the fund's resources

The formation of the Fund is as follows.

Oil and gas revenues of the federal budget are formed from:

Tax on the extraction of minerals in the form of hydrocarbon raw materials (oil, combustible natural gas, gas condensate);

Export customs duties on crude oil;

Export customs duties on natural gas;

Export customs duties on goods produced from oil.

A certain part of these oil and gas revenues in the form of an oil and gas transfer is annually directed to finance federal budget expenditures. The amount of the oil and gas transfer is approved by the federal law on the federal budget for the next financial year and planning period in absolute terms, calculated as 3.7% of the volume of gross domestic product forecast for the corresponding year, specified in the federal law on the federal budget for the next financial year and planning period.

After filling the Reserve Fund to the specified amount, oil and gas revenues are sent to the National Welfare Fund.

From January 1, 2010 to January 1, 2014, the normative value of the Reserve Fund is not determined, federal budget oil and gas revenues are not used to finance the oil and gas transfer and to form the Reserve Fund and the National Welfare Fund, but are directed to financial support for federal budget expenditures .

Another source of formation of the National Wealth Fund is the income from the management of its funds.

From January 1, 2010 to February 1, 2014, income from the management of the funds of the National Welfare Fund is not credited to the Fund, but is directed to financial support for federal budget expenditures .

Oil and gas revenues from the federal budget, the Reserve Fund and the National Welfare Fund are accounted for in separate accounts for the federal budget funds opened by the Federal Treasury with the Central Bank of the Russian Federation.

From January 1, 2010 to January 1, 2014, separate accounting of oil and gas revenues of the federal budget is not carried out .

Calculations and transfers of funds in connection with the formation and use of oil and gas revenues of the federal budget, oil and gas transfers, the resources of the Reserve Fund and the National Wealth Fund are carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation.

From January 1, 2010 to January 1, 2014, the procedure for conducting settlements and transfers of funds in connection with the formation and use of oil and gas revenues of the federal budget, oil and gas transfers, funds from the Reserve Fund and the National Wealth Fund has been suspended .

Accounting for transactions with oil and gas revenues of the federal budget, funds of the Reserve Fund and the National Wealth Fund is carried out in the manner established for accounting for transactions with federal budget funds.

The use of the Fund's resources is as follows.

Funds from the National Wealth Fund can be used to co-finance the voluntary pension savings of Russian citizens and to ensure a balance (covering the deficit) of the budget of the Pension Fund of the Russian Federation. The amount of funds from the National Wealth Fund allocated for these purposes is established by the federal law on the federal budget for the next year and planning period.

The procedure for co-financing voluntary pension savings of citizens of the Russian Federation is defined in the Federal Law of April 30, 2008 No. 56-FZ “On Additional Insurance Contributions to the Funded Part of the Labor Pension and State Support for the Formation of Pension Savings”.

The Government of the Russian Federation has the right until January 1, 2014, without making changes to the federal law on the federal budget, to use the Fund's funds to make payments that reduce debt obligations, reduce borrowing and ensure a balance of the federal budget, including in excess of the total volume of federal budget expenditures in the event and within the limits of the increase in federal budget allocations for the provision of interbudgetary transfers in order to ensure a balance in the budgets of state non-budgetary funds of the Russian Federation .

Thus, we found out that the National Welfare Fund is formed from oil and gas revenues and income from fund management, studied the procedure for their transfer. We also found out that the funds of the National Wealth Fund can be used to co-finance the voluntary pension savings of Russian citizens and ensure a balance (deficit coverage) of the budget of the Pension Fund of the Russian Federation.

2.2 Fund management

The objectives of managing the resources of the National Wealth Fund are to ensure the safety of the Fund's resources and a stable level of income from its placement in the long term. Management of the Fund's resources for these purposes allows for the possibility of obtaining negative financial results in the short term .

The management of the funds of the National Wealth Fund is carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation. Separate powers to manage the resources of the National Wealth Fund may be exercised by the Central Bank of the Russian Federation. In the case of attracting specialized financial organizations to exercise certain powers to manage the funds of the National Wealth Fund, the procedure for attracting these organizations, as well as the requirements for them, are established by the Government of the Russian Federation .

The management of the funds of the National Wealth Fund can be carried out in the following ways (both individually and simultaneously) :

1) by acquiring foreign currency at the expense of the Fund and placing it on the accounts of the National Wealth Fund in foreign currency (US dollars, euros, pounds sterling) at the Central Bank of the Russian Federation. For the use of funds on these accounts, the Central Bank of the Russian Federation pays the interest established by the bank account agreement;

2) by placing the Fund's resources in foreign currency and financial assets denominated in Russian rubles and permitted foreign currency (hereinafter referred to as permitted financial assets).

The Ministry of Finance of the Russian Federation manages the funds of the National Wealth Fund in accordance with the first method, that is, by placing funds in foreign currency accounts with the Central Bank of the Russian Federation as follows. According to the procedure for calculating and crediting interest accrued to the accounts of the National Welfare Fund in foreign currency approved by the Ministry of Finance of the Russian Federation, the Bank of Russia pays interest on the balances on these accounts equivalent to the yield of indices formed from financial assets in which the Fund's funds can be placed national welfare, the requirements for which are approved by the Government of the Russian Federation.

The Government of the Russian Federation sets the maximum share of permitted financial assets in the total amount of placed funds of the National Welfare Fund. In order to improve the efficiency of managing the funds of the National Wealth Fund, the Ministry of Finance of the Russian Federation is authorized to approve the regulatory shares of permitted financial assets in the total amount of placed funds of the National Wealth Fund within the appropriate shares established by the Government of the Russian Federation (Appendix 1)

The Government of the Russian Federation has established the following requirements for these financial assets :

1. Funds of the National Welfare Fund may be placed in debt obligations in the form of securities of foreign states, foreign government agencies and central banks of the following countries :

· Austria;

· Belgium;

· Great Britain;

· Germany;

· Canada;

· Luxembourg;

the Netherlands;

· Finland;

· France;

· Sweden.

2. debt obligations must meet the following requirements:

Foreign issuers of debt obligations must have a long-term credit rating of at least "AA-" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor's" (Standard & Poor's) or not lower than "Aa3" according to classification of the rating agency "Moody's Investors Service" (Moody's Investors Service). If a foreign issuer of debt obligations has been assigned different long-term credit ratings by the said agencies, then the lowest of the assigned ratings shall be taken as the long-term credit rating;

Russian issuers of debt obligations must have a long-term credit rating of at least "BBB-" according to the classification of the rating agencies "Fitch Rating" (Fitch-Ratings) or "Standard & Poor's" (Standard & Poor's) or not lower than the level of "Baa3" according to classification of the rating agency "Moody's Investors Service" (Moody's Investors Service). If a Russian debt issuer is assigned different long-term credit ratings by the above agencies, then the lowest of the assigned ones is taken as the long-term credit rating;

The maturity dates of issues of debt obligations are fixed, the terms of issue and circulation do not provide for the issuer's right to redeem (redemption) them ahead of schedule;

The terms of issue and circulation of debt obligations of foreign issuers do not provide for the right of the owner of debt obligations to present them ahead of schedule for redemption (redemption) by the issuer;

Standards for minimum and maximum maturities of debt issues established by the Ministry of Finance of the Russian Federation are mandatory;

The rate of coupon income paid on coupon debt obligations, as well as the face values ​​of debt obligations, are fixed;

The nominal value of debt obligations is fixed and is expressed in Russian rubles, US dollars, euros or pounds sterling, payments on debt obligations are made in the currency of par value;

The volume of debt obligations in circulation is not less than 1 billion rubles for debt obligations denominated in Russian rubles, 1 billion US dollars for debt obligations denominated in US dollars, not less than 1 billion euros - for debt obligations, denominated in euros, and not less than 0.5 billion pounds sterling - for debt denominated in pounds sterling;

Issues of debt obligations are not issues intended for private (non-public) placement.

3. international financial organizations, in whose debt obligations the funds of the National Wealth Fund can be placed, include debt obligations (including securities) of the following institutions:

Asian Development Bank (ABD);

Development Bank at the Council of Europe (Council of Europe Development Bank, CEB);

European Bank for Reconstruction and Development (EBRD);

European investment bank (European Investment Bank, EIB);

Inter-American Development Bank (IADB);

International Finance Corporation (IFC);

International Bank for Reconstruction and Development (IBRD);

Nordic Investment Bank (NIB).

4. Shares of legal entities and shares (participatory interests) of investment funds in which the funds of the National Wealth Fund can be placed must meet the following requirements:

Shares of legal entities must be listed on at least one stock exchange;

Shares of foreign issuers must be included in the lists of securities used to calculate the stock indexes "MSCI World Index" (MSCI World Index) and "AFTSI All-World Index" (FTSE All-World Index);

Shares of Russian issuers must be included in the lists of securities used to calculate the stock indexes "RTS Index" or "MICEX Index";

The assets of investment funds that have issued units (participatory interests) must include only permitted financial assets.

5. When placing funds from the National Wealth Fund on deposits and bank accounts in banks and credit organizations, the following requirements must be met:

A bank or a credit institution must have a long-term credit rating of at least 'AA-' as classified by Fitch-Ratings or Standard & Poor's or at least 'Aa3' as classified by the rating agency. agency "Moody's Investors Service" (Moody's Investors Service). If a bank or a credit organization is assigned different long-term credit ratings by the said agencies, then the lowest of the assigned ratings shall be taken as the long-term credit rating;

The standards for the minimum and maximum periods for placing funds from the National Wealth Fund on deposits in banks and credit institutions established by the Ministry of Finance of the Russian Federation are mandatory;

6. When placing funds from the National Wealth Fund on deposits with the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", the following requirements must be met:

a) funds can be placed on deposits in Russian rubles, US dollars, euros and pounds sterling;

b) the maximum allowable aggregate amount within which funds can be placed on deposits in Russian rubles is 655 billion rubles, while:

Up to 175 billion rubles can be placed on deposits, the amounts, terms and other material conditions for which are determined by the Ministry of Finance of the Russian Federation ;

Up to 410 billion rubles can be placed on deposits in the manner established by the Government of the Russian Federation, on the following terms :

Up to 40 billion rubles can be placed on deposits at a rate of 6.25 percent per annum for a period up to June 1, 2020 in the manner established by the Government of the Russian Federation ;

Up to 30 billion rubles can be placed on deposits at a rate of 6.25 percent per annum for a period up to December 31, 2017 in the manner established by the Government of the Russian Federation .

Payment of interest from the placement of funds during the entire period is carried out quarterly.

The possibility of early return of funds is allowed with the consent of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", while interest on the placement of funds is paid for the actual period of the funds on deposit.

c) the amounts and terms of placement of funds are determined by the Ministry of Finance of the Russian Federation, taking into account the specified requirements; placement of funds on deposits is carried out by the Federal Treasury by decision of the Ministry of Finance of the Russian Federation.

Information on the placement of funds from the National Wealth Fund on deposits with the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" is published in the "Statistics" subsection.

7. The Ministry of Finance of the Russian Federation has the right to establish additional requirements for permitted financial assets within the limits of the requirements established by the Government of the Russian Federation.

In accordance with the powers granted by the Government of the Russian Federation, the Ministry of Finance of the Russian Federation approved :

1. maximum shares in the total amount of the Fund's resources:

In Russian rubles - 40%;

In foreign currency - 100%.

2. the regulatory currency structure of the National Wealth Fund in foreign currency in the following composition:

3. current terms to maturity of issues of debt obligations of foreign states, debt obligations permitted for the placement of funds from the National Welfare Fund :

For debt instruments denominated in US dollars and euros:

For GBP-denominated debt:

The terms specified above are valid at the time of the acquisition of debt obligations at the expense of the National Welfare Fund or at the time of formation of indices from debt obligations used to calculate the amounts of interest accrued on cash balances on accounts for recording funds of the National Wealth Fund in permitted foreign currencies, opened by the Federal Treasury in the Central Bank of the Russian Federation.

4. list of foreign state agencies, in whose debt obligations the funds of the National Wealth Fund can be placed (in agreement with the Central Bank of the Russian Federation) :

Austrian Export-Import Bank (Oesterreichische Kontrollbank Aktiengesellschaft, OKB);

Public Lending Agency, Spain (Instituto de Credito Oficial, ICO);

Autobahnen- und Schnellstrassen- Finanzierungs- Aktiengesellschaft, ASFINAG, Autobahnen- und Schnellstrassen- Finanzierungs-Aktiengesellschaft, Austria;

Group of Banks for Reconstruction and Development, Germany (Kreditanstalt fur Wiederaufbau Bankengruppe);

Export Development Canada (EDC);

Community Bank of the Netherlands (Bank Nederlandse Gemeenten, BNG);

Society for medium-term financing of the railway network, UK (Network Rail MTN Finance CLG (Plc));

Agricultural Rent Bank, Germany (Landwirtschaftliche Rentenbank);

Federal Home Loan Mortgage Corporation, Freddie Mac;

Federal National Mortgage Association, USA (Federal National Mortgage Assosiation, Fannie Mae);

Federal Home Loan Banks, USA (Federal Home Loan Banks, FHLBanks);

Federal Farm Credit Banks, USA (Federal Farm Credit Banks, FFCB);

Municipal Loan Fund, France (Dexia Group);

Social Security Debt Service Fund, France (Caisse d'Amortissement de la Dette Sociale, CADES);

French Mortgage Fund (Credit Foncier de France, CFF).

5. the nominal volume of the acquired debt obligations of one issue must not exceed 5% of the nominal volume of this issue .

Thus, we found out that the goals of managing the funds of the National Wealth Fund are to ensure the safety of the Fund's funds and a stable level of income from its placement in the long term. The management of the funds of the National Wealth Fund is carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation. Separate powers to manage the resources of the National Wealth Fund may be exercised by the Central Bank of the Russian Federation. We also studied the principles and procedures for managing the Fund.

2.3 Reporting and audit of the Fund

From January 1, 2010 to January 1, 2014, the Ministry of Finance of the Russian Federation does not publish information on the receipt and use of oil and gas revenues of the federal budget, as well as on the transfer of funds to the Reserve Fund and the National Welfare Fund .

The Ministry of Finance of the Russian Federation, as part of reporting on the execution of the federal budget, submits to the Government of the Russian Federation a quarterly and annual report on the receipt and use of oil and gas revenues of the federal budget, the formation and use of the National Welfare Fund, as well as a quarterly and annual report on the management of the funds of this fund.

From January 1, 2010 to January 1, 2014, transactions with oil and gas revenues of the federal budget are not carried out and are not reflected in the reporting of the Ministry of Finance of the Russian Federation on the execution of the federal budget .

The Government of the Russian Federation, as part of reporting on the execution of the federal budget, submits to the State Duma of the Federal Assembly of the Russian Federation and the Federation Council of the Federal Assembly of the Russian Federation a quarterly and annual report on the receipt and use of oil and gas revenues of the federal budget, the formation and use of funds from the National Welfare Fund, as well as a quarterly and annual report on the management of the said fund.

From January 1, 2010 to January 1, 2014, the Government of the Russian Federation does not provide a report on the receipt and use of oil and gas revenues of the federal budget, the formation of the Reserve Fund and the National Welfare Fund as part of the reporting on the execution of the federal budget .

In the process of executing the federal budget, the Accounts Chamber of the Russian Federation takes control measures in order to verify the formation, use and management of the funds of the National Welfare Fund. The Accounts Chamber of the Russian Federation quarterly submits to the Federal Assembly of the Russian Federation an operational report on the implementation of the federal budget, which provides actual data on the formation of income and expenditures, including the formation, use and management of the National Welfare Fund.

Calculations and transfers of funds in connection with the formation and use of oil and gas revenues of the federal budget, oil and gas transfers, the resources of the Reserve Fund and the National Welfare Fund are carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation.

Funds from the National Wealth Fund can be used to co-finance the voluntary pension savings of Russian citizens and to ensure a balance (covering the deficit) of the budget of the Pension Fund of the Russian Federation.

The management of the funds of the National Wealth Fund is carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation. Separate powers to manage the resources of the National Wealth Fund may be exercised by the Central Bank of the Russian Federation.

The Ministry of Finance of the Russian Federation publishes on a monthly basis information on the receipt and use of oil and gas revenues of the federal budget, the amount of assets of the National Wealth Fund at the beginning of the reporting month, the transfer of funds to the specified fund, their placement and use in the reporting month.

From January 1, 2010 to January 1, 2014, the Ministry of Finance of the Russian Federation does not publish information on the receipt and use of oil and gas revenues of the federal budget, as well as on the transfer of funds to the Reserve Fund and the National Welfare Fund.

Thus, we considered the features of the audit and reporting on the Fund. We found out that the Ministry of Finance of the Russian Federation, as part of its reporting on the execution of the federal budget, submits to the Government of the Russian Federation a quarterly and annual report on the receipt and use of oil and gas revenues of the federal budget, the formation and use of funds from the National Wealth Fund, as well as a quarterly and annual report on the management of funds of the specified fund.

3. CURRENT STATE AND PROSPECTS FOR THE DEVELOPMENT OF THE NATIONAL WEALTH FUND IN RUSSIA

3.1 Analytical information and funds of the Fund

As of December 1, 2009, the total amount of the National Wealth Fund amounted to 2,769.84 billion rubles, which is equivalent to 92.89 billion US dollars. As of December 1, 2009, the balances were (Appendix 2):

1) on separate accounts for the accounting of funds of the National Welfare Fund with the Bank of Russia:

· 32.27 billion US dollars;

· 23.04 billion euros;

· £4.16 billion;

2) on deposits with Vnesheconombank:

· 582.79 billion rubles.

The total estimated income from placement of funds of the National Wealth Fund, recalculated in US dollars, for the period from January 15, 2009 to November 30, 2009 amounted to 1.35 billion US dollars, which is equivalent to 40.20 billion rubles. Estimated amounts of interest income from the placement of the Fund's funds on separate accounts in foreign currency amounted to (in the account currency and ruble equivalent): 0.37 billion US dollars (10.98 billion rubles); 0.53 billion euros (23.29 billion rubles); 0.12 billion pounds (5.94 billion rubles). The exchange rate difference from the revaluation of balances on accounts for the accounting of funds of the National Wealth Fund in foreign currency for the period from January 15, 2009 to November 30, 2009 amounted to a positive value - 2.83 billion rubles.

The total volume of the National Welfare Fund as of 01.11.2010 amounted to 2,772.80 billion rubles, which is equivalent to 90.08 billion US dollars, including:

1) on separate accounts for recording the funds of the National Wealth Fund with the Bank of Russia, the following is placed:

$31.86 billion;

24.67 billion euros;

£4.48 billion;

2) on deposits with Vnesheconombank:

434.02 billion rubles;

2.75 billion US dollars.

434.02 billion rubles and 2.75 billion US dollars were transferred from the accounts of the National Welfare Fund for placement on deposits with Vnesheconombank (Table 1):

· 285.61 billion rubles - for deposits with a maturity date no later than December 31, 2019 and an interest rate of 6.25% per annum;

· 118.42 billion rubles - for deposits with a maturity date no later than December 25, 2020 and an interest rate of 7.25% per annum;

· 30.00 billion rubles - for a deposit with a maturity date of December 25, 2017 and an interest rate of 6.25% per annum;

· 2.75 billion US dollars - for deposits with a term until October 31, 2011 and a floating interest rate that exceeds the six-month LIBOR rate by 2.75 percentage points.

In October 2010, the federal budget received income from the placement of funds from the National Wealth Fund on deposits with Vnesheconombank in the amount of 7.78 billion rubles or 0.26 billion US dollars. The total income from placing the Fund's resources on deposits with Vnesheconombank from January to October 2010 amounted to 24.94 billion rubles or 0.82 billion US dollars.

Table 1

Information on the placement of funds of the National Wealth Fund on deposits in the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)"

Ex-Finance Minister Alexei Kudrin began to save money for a rainy day. In 2004, he created the Stabilization Fund. Four years later - at the height of the previous crisis - it was divided into the Reserve Fund and the NWF. The first was designated as an "airbag" for the budget. The FNB, on the other hand, became the stabilizer of the pension system, although it was never used for its intended purpose. Spending the Stabilization Fund within the country “is simply the destruction of the economy,” Kudrin wrote in Kommersant in 2006.

Ironically, it was the main fighter for its inviolability that was the first to "open" the FNB. Kudrin had to open a Pandora's box in order to save the financial system from a crisis in 2008-2009. To do this, the ex-minister allowed to invest up to 40% of the NWF in ruble assets (initially, the reserves were kept only in foreign assets and currency).

Kudrin's idea was that in difficult periods, funds do not decrease, but grow in ruble terms, Konstantin Vyshkovsky, director of the Finance Ministry department, explains: for example, when oil prices fall and the ruble depreciates.

But Kudrin had opponents. The main ideologist for investing NWF funds in the economy is presidential aide Andrei Belousov [formerly the head of the Ministry of Economic Development], several officials and experts close to the government told RBC. Belousov himself did not provide comments for this article.

The administrative weight of Kudrin, who knew the president from his work in the St. Petersburg mayor's office, made it possible to restrain attacks on the FNB, people close to the ex-minister recall. “But after he left [in September 2011], it was no longer possible to adhere to the principle that we do not invest anything [from the NWF] inside Russia,” the federal official said.

In 2012, in a message to parliament, Putin proposed investing up to 100 billion rubles in infrastructure. from the FNB. Within six months, the President will increase the limit to 450 billion rubles.

The priority has been changed, said Finance Minister Anton Siluanov (Kudrin's deputy until his resignation). Siluanov himself was more conservative. He proposed channeling up to 50% of the NWF into sovereign and corporate bonds and 3-5% into shares. The funds would be managed by a new structure - Rosfinagentstvo. Kudrin also lobbied for its creation, says a person close to him: this is how he wanted to protect the reserves from spending.

The Finance Ministry was in the minority. The authorities decided it was safer to invest money domestically, recalls a federal official: there is no risk that the money will be seized abroad. Rosfinagentstvo remained on paper, while the FNB decided to print it out.

Fund of Unheard-of Generosity

“Who didn’t ask for anything!” recalls a government official. Applications were received even from citizens, he says: “Allocate 50 million rubles. for personal purposes.

Calls to increase the 40% limit on projects to 50% or 60% began immediately after the decision to allocate funds from the NWF to infrastructure. But then the president did not succumb to persuasion, First Deputy Prime Minister Igor Shuvalov said in the fall of 2013.

As a result, competition for NWF funds has increased dramatically. Almost all companies planning any serious investments hurried to apply. In mid-2014, the amount of all applications exceeded the size of the fund itself, the official recalls. Over the past year, more than a hundred applications were received, says another, in 2015 - only 12 from Rosneft.

The state-owned company generally became a champion among applicants. Sanctioned Rosneft needed to make up for the lack of external funding. At first, Rosneft limited itself to a request to issue 2.44 trillion rubles. for the development of 28 strategic projects, says a White House official. Economic Development Minister Alexei Ulyukaev was shocked, a high-ranking interlocutor of RBC recalled: the entire NWF at that time was about 3 trillion rubles, and the application took no more than ten pages. Later, the minister explained that Rosneft's application did not meet the formal requirements for projects: the company asked for funds not for infrastructure, but to cover the cash gap.

“There will be no additional funds - we will cope on our own,” Rosneft President Igor Sechin was not embarrassed. But he did not lose interest in the funds of the National Welfare Fund, having changed tactics. By January 2015, the Ministry of Economy received 28 separate applications from the company for a total of 1.3 trillion rubles. from the FNB. So far, five projects of the state-owned company for 300 billion rubles have received preliminary approval from the department. Now the decision is up to the government.

“Everything is done the Russian way,” the federal official sighs: “First, we follow the most conservative model possible. And then we hit the other extreme: without investing a penny, we get a list of projects, and nothing is enough.”

Rosatom and RDIF turned out to be the most persuasive lobbyists. In June 2014, the government set separate quotas for their projects - 10% of the National Wealth Fund, but no more than 290 billion rubles.

RDIF was also the first recipient of the fund's funds. In December, he was "shipped" a little more than 5 billion rubles. for two projects - the elimination of the "digital divide" together with Rostelecom and the introduction of "smart grids" with Rosseti. There are more projects, a representative of the RDIF told RBC: they are formed for the entire quota.

But with them, apparently, will have to wait. Sanctions and the crisis forced the authorities to reconsider their attitude to the "stash". It is not entirely justified to start global construction projects during the closing of capital markets, the federal official admits. Obviously, infrastructure projects are long-term projects, Vyshkovsky says. And in a difficult geopolitical situation, sanctions, the closure of foreign markets, most of the funds must be kept in liquid form, he urges.

Investment or spending

Almost a quarter of the Reserve Fund was spent during the 2008 crisis, recalls Konstantin Vyshkovsky. At the same time, “a significant amount of funds” of the NWF was also spent on fighting the crisis, he notes: “A significant part of these funds is still in an illiquid form in the form of deposits in VEB [FNB funds came to banks in transit through a deposit in VEB].”

Often it was “momentary plugging of holes,” Alexei Kudrin admitted in an interview with RBC: “Then [in 2008-2009] there was a shock to the global economy, and we had to spend money without thinking twice.”

VEB's illiquid anti-crisis deposits are just the tip of the iceberg. In fact, bailing out the banks cost the NWF almost twice as much.

Trouble began with Gazprombank. In 2012, the state bank repaid part of the debt (50 billion rubles) to VEB with its own shares. Formally, the funds were returned to the FNB. But the Ministry of Finance returned them to VEB, Mikhail Beskhmelnitsyn, auditor of the Accounts Chamber, points out in a report on the use of funds for the first half of 2012. On them, the state corporation bought 10.2% of Gazprombank.

Last year, other state-owned banks (also VTB and Rosselkhozbank - a total of 279 billion rubles) asked to convert anti-crisis assistance from the NWF into their preferred shares.

Difficulties with the return of funds from the National Welfare Fund also arose from private banks. In particular, FC Otkritie (until June 2014 - Nomos-bank) has already asked the authorities to convert 4.9 billion rubles into preferred shares. from the FNB. This is how much Nomos Bank received in 2008.

The conversion of NWF funds into bank shares reduces the size of the anti-crisis deposit at VEB. Because of this, the state corporation needed additional capitalization. As a result, in the fall of 2014, VEB received a $6 billion subordinated deposit from the NWF.

And even on this, the assistance to financial state structures from the NWF did not end. Another 100 billion rubles. from the fund in the form of subordinated deposits at the end of last year received VTB. In total, 250 billion rubles are allocated for the additional capitalization of banks from the NWF in the anti-crisis plan. and another 300 billion - VEB. The total limit of funds that can be placed in subordinated deposits of banks (VEB is not formally a bank) is 10% of the NWF (459 billion rubles as of March 1).

Putin bequeathed to invest the funds of the National Welfare Fund exclusively on a repayable basis. But there is a special regime for investments from the NWF into subordinated instruments. According to the Budget Code, they are not subject to preservation requirements.

Formally, the authorities agreed in advance with the non-return of these funds, admits an official of the financial and economic bloc of the government: the bank has the right not to return them if the adequacy of its capital falls below a certain level. But the risks are minimal, RBC's interlocutor assures: "The state cannot and should not allow a default or bankruptcy, for example, VTB as a systemically important bank."

However, the NWF funds invested in infrastructure may also be irrecoverable, the Accounts Chamber warned in its conclusion on the draft federal budget for 2015-2017. In particular, the auditors raised questions about the procedure for the return of funds from the National Welfare Fund invested in Russian Railways shares. So the government is going to finance the construction of BAM.

The purchase of Russian Railways shares with the funds of the National Welfare Fund was originally planned, a person close to the Ministry of Economic Development knows: an increase in debt would lead to a decrease in the rating of the state monopoly, which means that the cost of market financing could increase. The emergence of new obligations for Russian Railways and their maintenance was impossible, the federal official confirms.

Exiting shares is difficult, a federal official now admits: “For example, under what conditions can we sell Russian Railways shares? Only when the state decides to privatize Russian Railways.”

And such a decision will be made on the basis of a number of conditions, and not just under favorable conditions, the interlocutor of RBC states. The authorities have been planning to sell the state stake in Russian Railways since 2011, but things have not moved beyond the plans.

There is a departure from the basic principles of the National Welfare Fund, complains director of the HSE Development Center Natalia Akindinova. At first, funds intended for future pensioners began to be invested in investment projects. If they were payable, then the funds would return over time, she argues. But investments in shares can become irrevocable, warns Akindinova.

The funds are given free of charge and without a guarantee of return, a high-ranking federal official agrees on condition of anonymity: in fact, this is an additional capitalization of state-owned companies.

“We shouldn’t talk about the non-refundability of funds at all!” - Konstantin Vyshkovsky objects, the funds of the National Welfare Fund should be invested only on the terms of repayment and profitability: "This is the norm of the law." “The return of funds from the National Welfare Fund is an unconditional priority,” Deputy Economic Development Minister Nikolai Podguzov agrees. According to him, the funds of the National Welfare Fund invested in bank shares will be returned through the payment of dividends.

Budget or economy

In 2014, the price of oil has almost halved. The ruble depreciated against the dollar by the same amount, and the price increase of 11.4% was the highest since the crisis year of 2008 (13.3%). GDP growth slowed to the lowest level since 1999 (with the exception of the crisis year of 2009) and amounted to 0.6%. In 2015, the economy is expected to decline by 3%. Russia is in an extremely difficult situation, Igor Shuvalov said at the economic forum in Davos: "We are entering a more protracted and complex crisis [than in 2008-2009]."

The authorities informed the country shortly after the New Year holidays that there were problems with the budget. The shortfall in revenues at $50 per barrel will amount to 3 trillion rubles, Siluanov announced at the Gaidar Forum in January. This is exactly the price for oil that the Ministry of Economic Development has set in its updated macro forecast for 2015. This is two times lower than before, Vyshkovsky states: “Because of this, there is a shortage.”

“Since revenues are shrinking, we want to once again review the decisions that were made to invest the NWF,” Siluanov said, speaking in January at the Federation Council: the NWF is the same as the Reserve Fund, a source in case of a reduction in the income base.

In the current situation, the Reserve Fund (4.72 trillion rubles as of March 1) will be exhausted in two years, predicts Vladimir Nazarov from the Gaidar Institute. 500 billion rubles was withdrawn from the fund in February. According to the calculations of the Ministry of Finance, this year another 3.2 trillion rubles will be required to patch up budget holes, in 2016 - 1.16 trillion. After the Reserve Fund is exhausted, the NWF will have to be spent to cover the budget deficit, Vyshkovsky admits.

The Ministry of Finance is generally against investing any funds from the NWF, says a person close to the Ministry of Economic Development: funds may be required for budget insurance and an anti-crisis plan. The Ministry of Finance proposed to freeze the adoption of decisions on entering projects for six months, the official of the financial and economic bloc clarifies: “To see how the further situation will develop this year.”

The problem is not to save something, an employee of one of the state corporations objects: “Reserves amount to more than 10% of GDP, and with the currency of the Central Bank it is an order of magnitude more.” It is necessary to avoid a large-scale investment downturn, urges RBC's interlocutor, "with the ensuing consequences for people, welfare and loss of competitiveness." As the authorities cut budget spending, the only thing left is the resource of the NWF and banks. But banks will not lend to long-term projects on their own, an employee of the state corporation believes: only the NWF remains.

The projects are not ranked in any way in terms of importance, the official of the financial and economic bloc notes: which of them will make the greatest contribution to GDP, to employment growth. At the same time, “quite large” amounts are allocated, the interlocutor of RBC admits: “The risks, of course, are high.”

Welfare is not for everyone

“At a meeting with the president, the NWF was mothballed,” says an official familiar with the results. In addition to the previously issued funds (100 billion rubles for the VTB deposit and 5 billion for RDIF projects), they have decided to allocate another 525 billion rubles so far, Ulyukaev said after the meeting.

The President instructed to finance six projects, follows from the list of instructions: the Central Ring Road, BAM, the Hanhikivi-1 nuclear power plant in Finland, the elimination of the "digital divide", Yamal LNG and the purchase of locomotives for Russian Railways. Thus, the president approved investments for a little over 600 billion rubles.

Together with subordinated deposits of VEB (including those from the anti-crisis plan), investments in bank shares and 5 billion rubles previously invested in RDIF projects, the total amount of NWF funds invested in illiquid assets will exceed a third of its volume as of March 1.

For some projects, the amount of investments has been reduced and their order is changing, two federal officials tell RBC. It follows from the list of instructions that the meeting approved funding for only the first and fifth sections of the Central Ring Road (the winners of investment competitions are Stroygazconsulting by Ziyad Manasir and Ruslan Baysarov and Ring Highway LLC, a structure that is part of the ARKS Gennady Timchenko, respectively).

A decision was made to finance only those sections that do not provide for investments from foreign investors, the official explains: “While we are talking about 75 billion rubles. [of the approved 150 billion].” According to him, so far these are all the funds of the National Welfare Fund, which the project can count on until 2018: “After that, the foreign policy situation may be different.”

“We have already invested funds from the NWF in two relatively small [RDIF] projects, we will need to add another piece,” says Konstantin Vyshkovsky. There are no real projects for the remainder of the limit, he argues, the unselected amounts can be directed to projects in some other areas. The same applies to Rosatom, Vyshkovsky notes: “It has one project [the construction of a nuclear power plant in Finland for 150 billion rubles], and we are not discussing others yet.” “The limit is the limit because it is the limit, and not the mandatory share,” he argues.

The fact that the limit on the RDIF was actually frozen was told by two more federal officials familiar with the results of the meeting.

The only project that was previously approved by the government, but not mentioned in any way in the instructions, is the development of the coal basin in Tuva, which was initiated by Ruslan Baisarov's Tuva Energy Industrial Corporation (TEIC). It has been moved, two White House officials say. The project is 100% worked out and approved at all levels, one of them complains, but the scale is not the same: the "road of life" for Tuva did not pull on the federal project.

The project was launched personally by Putin. In 2011, he scored a silver spike in the first link of the Elegest - Kyzyl - Kuragino railway line (part of the TEPC project). A year later, at a big press conference, Putin called the project "difficult" but promised to secure state involvement if it was "critical."

The issue of financing the TEPK project from the FNB will still be worked out, Ulyukaev said. In the macro forecast of the Ministry of Economic Development, the project is still on the list of applicants for funds from the National Welfare Fund in 2015.

Retirement risks

In the next 10-15 years, NWF funds may be required for payments to pensioners, Alexei Kudrin predicted in 2013. Money invested in projects may not be returned by this time, he warned: “Thus we reduce our insurance for a difficult period.”

If NWF funds are invested in major projects with a payback period of 20 years or more, then the money will be frozen for this period, an official of the financial and economic bloc agrees. It will be impossible to use them to support the pension system or anti-crisis goals.

The amount of funds needed to solve the problems "related to the demographic hole", Kudrin estimated at 2-3 trillion rubles. “[If the NWF is wasted], we will have to look for other sources to solve this problem... Either raise the retirement age or raise insurance premiums. There are no other options,” the ex-minister concluded.

On the one hand, the size of the NWF has grown due to the devaluation of the ruble. Last year, it brought in 1.5 trillion rubles.

On the other hand, the collapse of the ruble provokes inflation, notes Vladimir Nazarov from the Gaidar Institute, and because of this, additional indexation of pensions will be required. In such an uncertain situation, one cannot say that there will be enough reserves, he warns.

It should be remembered about the recession in the economy, adds Vladimir Tikhomirov, Chief Economist of FC BCS, this will lead to an increase in unemployment: “Deductions to the Pension Fund will inevitably decrease, which will increase its deficit.” The problems of the pension system will only accumulate, agrees Akindinova: "This is a problem that everyone knows about, but put off until later."

Be that as it may, since this year the authorities have begun to actively discuss raising the retirement age. This has nothing to do with the investment of NWF funds in illiquid assets, the federal official says: the problems of the pension system are long overdue. Infusions from the NWF could delay them for a while, but not solve, he is pessimistic.

How are Russian sovereign funds filled and why are they needed?

According to the budget rule, excess oil and gas revenues are directed to the Reserve Fund - until its volume reaches 7% GDP. Half of the income above this limit goes to the NWF, and the other half goes to financing infrastructure projects. The Reserve Fund and the NWF replaced the Stabilization Fund in 2008. The main successor of the Stabilization Fund and the insurance of the budget is the Reserve Fund. If world energy prices are falling, the government can open this "jacket" and send funds to cover the budget deficit. The FNB was created to fulfill the obligations of the state to pensioners. It is assumed that the NWF funds should be used to cover the deficit of the Pension Fund and co-finance voluntary pension savings.