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The Reserve Fund and National Welfare Fund are used inefficiently

The Reserve Fund and NWF are often used irrationally and inefficiently.

17.Apr.17 6:29 AM
By Christina Orlina


The Reserve Fund and National Welfare Fund are used inefficiently
The total volume of the Reserve Fund amounted to slightly more than 972 billion. Comparing to the beginning of 2016, it declined by 2.67 trillion, or more than 73 percent, according to the monitoring.

The decline was influenced by a fall in the profitability of placing funds in foreign currency accounts in Bank of Russia. Over 530 billion rubles were lost only due to exchange rate differences. In some cases in 2016 operations on placing of budgetary funds on Bank deposits and securities were carried out simultaneously with the use of the contingency Fund, "which is evidence of inefficient expenditure from the Fund."

On the other hand, there are systemic weaknesses and problems in the implementation of infrastructure projects, which are financed from the National Welfare Fund. "The total volume of NWF of 1 January 2017 was 4.36 trillion rubles and decreased comparing to the beginning of the year to 868 billion rubles," - said the auditor Tatiana Manuylova.
The main violations in this case were the delays in the implementation of these projects, the low level of construction work, delays in tender procedures, violation of contractual obligations by contractors for the supply of equipment and execution of works and so on.

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