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Chamber of Accounts believes that reserve fund is being used unsustainably


By January, 1, 2017 Reserve Fund reduced to 972,13 billion rubles, that is 2,67 trillion rubles less than the previous year. Chamber of Accounts stated the fact of unsustainable use of fund resources after revealing cases of money transference from the state Treasury to bank deposits and purchase of securities under repo transactions simultaneously with the activation of the Reserve Fund. The difference in rates led to the situation that the volume of national wealth Fund by January,1 2017 reached 4,36 trillion rubles reducing in a year on 868 billion rubles.

The auditors made a conclusion that allocated funds of the NWF are being used inefficiently, that proves the actual performance of individual infrastructure projects.

Thus, by January, 1 2017 project promoters had used 404,3 billion rubles or 87,3% of NWF assets in cash. Additionally, the auditors discovered that deadlines stated in the passports of investment projects in many cases are missed, construction is slow, the tender procedures aren’t varied out on time, the contractors violate contractual obligations. All this leads to the risk of execution of projects.

There is also a problem of under-funding provided from other sources. This, in its turn leads to increasing risks for NWF. In the Chamber of Accounts highlighted that mechanisms of state-private partnership aren’t properly used and the biggest risks here may face the State.

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