Stabfond: the Ministry of Finance wants reliability, and the profitableness governmentStabilization fund which for inactivity did not abuse for two years of its existence only lazy, quite probably, soon will begin “ to work “. “ We are not afraid to put means in reliable actives of the foreign states as we consider that now it was possible to develop the scheme of placing of means of Stabfonda, allowing to minimise these risks “ - has declared on air of TV channel in the program “ Dialogue “ the chief of department on management of means of Stabfonda of the Ministry of Finance of the Russian Federation Peter Kazakevich.
the Operating variant of the decision provided work of the Ministry of Finance with Bank of Russia on the basis of the agency contract at which the Ministry of Finance became the proprietor of securities. Now, he speaks, in addition to this scheme other variant is offered: Means of Stabfonda are enlisted on currency accounts of Federal exchequer, and the Central Bank of the Russian Federation pays on them such income what would be received if these means have been invested in securities.
the Ministry of Finance as it is visible, has not departed from the concept of an investment of means of Stabfonda in reliable western papers, but has found smart, it is necessary to recognise, a way how to secure them against judicial claims abroad and thus quickly to fill up the budget. The proprietor of papers at the given scheme the Ministry of Finance acts as the Central Bank of the Russian Federation, instead of, but it will receive the income. Claims of the offended foreign businessmen were one of the reasons of inactivity of the Ministry of Finance - from detentions of ships, planes and masterpieces on billion dollars from the Pushkin museum under the claim of sacramental firm Noga, to rather unpleasant claims of the American minority shareholders of YUKOS.
Now the Ministry of Finance does not exercise administration of means of Stabfonda as by working out of an operating variant of the governmental order which regulates this management, all risks connected with this process have not been considered, considers P.Kazakevich. In particular, it is a question of safety of placing of means of Stabfonda in the international financial markets. At present there was such situation that fund money in full is on rouble accounts of exchequer in the Central Bank of the Russian Federation. To means of Stabfonda in roubles there corresponds a certain part of actives which takes place Bank of Russia in gold and exchange currency reserves, the expert speaks. Thus, the Central Bank of the Russian Federation receives the income on these means and 50 % of profit lists in the federal budget.
for small term of existence - since January, 1st 2004ã. - Stabfond grows, as if fantastic tsarevitch Gvidon: “ on pleasure to us not on days, and on hours “. By March, 1st 2006ã. Its volume has made 1 trln 562,7 mlrd rbl., only for January and February the increase has made 325,7 mlrd rbl. And to 2008ã., under the forecast vitse - the premiere of the Russian Federation Alexander Zhukov, Stabfond can reach 3 trln rbl., that is 100 mlrd dollars In that money of Stabfonda has fast earned, are interested not only the Ministry of Finance and the government, but also the Kremlin. From especially economic tool which has been thought up for decrease of risks, connected with an adverse external economic conjuncture, and sterilisations of excessive monetary weight in circulation, first of all notorious superincomes of the unprecedented oil prices, Stabfond has nowadays turned to the tool of political intrigues. The Ministry of Finance abuse that it “ clamps “ money instead of “ to improve people life “ that means are not invested in domestic economy and that from - for inactivity inflation essential eats up stocks. To opponents foreign experience - first of all, the Norwegian Fund of the future generations too accumulating money from export of oil does not allow to sleep easy. Variety of experts and politicians urge to use Stabfond as a source of investments into development of a national infrastructure and technological modernisation of the Russian industry. And from - for statements of the assistant to the head of governmental body of the Russian Federation Michael Kopejkina that from - for absence of the mechanism of investment of means of Stabfonda of its loss for three years can make 600 mlrd rbl., Minister of Finance Alexey Kudrin and head of the office Michael Fradkov have almost quarrelled.
pleasures to the Ministry of Finance, the clear business, all event round Stabfonda does not add. But he firmly adheres to the position and has, seemingly, found a way of safe placing of money of Stabfonda in foreign papers. Such position finds support in an office, say, at the head of Ministry of economic development and trade Herman Gref and even at domestic production workers. Stabfond is, as a matter of fact, a unique dam which constrains an inflation stream, the assistant to the general director of Open Society " has told on air of TV channel; Russian aluminium “ Alexander Livshits. He considers necessary to fix the present price of cutting off at the world prices for oil of years for five, independently because that occurs in the market, and to hold its stable. That is to accumulate Stabfond, to place its means only abroad, differently leave valid inflation can from - under control, A.Livshits speaks. And the head of Federal exchequer of the Ministry of Finance Tatyana Nesterenko named provocation of complaint of those who considers as the most important trouble in Russia that Stabfond till now is not spent. “ It is necessary to understand, - she, - that tells that money which we receive from the external economic conjuncture, these are money from manufacture not at us, and abroad “.
the Ministry of Finance against injection of money of Stabfonda in economy, purchase of securities of the Russian companies and in general - their any investment in Russia. Stabfond has been created for minimisation of risks of our country connected with possible adverse changes of the external economic conjuncture, tells P.Kazakevich. Therefore its means are not intended for placing within the country, and it is necessary to remember the nature of this money is a strategic reserve of the state. According to the expert, it is necessary to understand that “ their purchasing capacity in home market as us try to convince, and purchasing capacity as the international means of payment " is important not;. Why - that comes to to nobody mind to count losses from inflation of gold and exchange currency reserves, he speaks. However, this position of the Ministry of Finance, despite political pressing, the government supports, understanding that concessions will lead to excessive strengthening of rouble, a hyperinflation and etc.
Modifed offers of the Ministry of Finance on management of Stabfondom which should arrive in the government in the end of March, most likely, will be approved by an office. However, there are tactics questions, for example, whether to involve in management of means of Stabfonda private business - the independent companies which work more effectively, than officials. The visitor of TV channel the rector of the Russian economic school Sergey Guriev considers that such variant is quite possible, but at careful study of details. “ the sum very big, - speaks it, - therefore to employ an independent management company it is necessary very accurately, and to build for it system of stimulus that it brought not only the income, but also protected means from risks, too it is necessary very accurately “. At the Ministry of Finance a position on this question while the uncertain. We study such possibilities, but it is a future question, considers P.Kazakevich. Though it does not exclude that the part of means of fund can be transferred management companies among which can be both foreign, and Russian.
as to the Norwegian fund it is saved for the future, dividends are now spent only. And, any “ feet “ do not hunt for its money. But, as experts have noted, from - for adverse conjuncture in the share and financial markets, miscalculations in management of actives and at Norwegians essential failures in profitableness were observed. Therefore the Ministry of Finance has bases long to try on before once to cut off.