The government continue to discuss the drafts in exchange for investments in which the government will offer companies a variety of “support measures”. Your options are going to present the business of the Ministry of defence and the Ministry of health
(Photo: Maxim Grigoriev / TASS)
The Ministry of defense and the Ministry of health is ready to present their business projects in the framework of the so-called plan Belousov. This was told to journalists head of the Russian Union of Industrialists and entrepreneurs (RSPP) Alexander Shokhin during the briefing, the correspondent of RBC.
We are talking about the list of projects that will form a government in order to then invest a large Russian company.
“Oddly enough, but the health Ministry has something to offer business, and the defense has some interesting projects on dual-use goods”, — said Shokhin.
Budget rule works the way it’s supposed to work, and the volatility of the ruble linked to the global situation, said the head of the Ministry Maxim Oreshkin. Previously, the chamber called the purchase of foreign currency one of the reasons for the instability of the course
(Photo: Maxim Blinov / RIA Novosti)
The Finance Ministry has not suspended the purchase of foreign currency in terms of the budget rules, the Central Bank de facto intervenes in order to ensure financial stability. This was stated by Minister of economic development Maxim Oreshkin, answering a question on the conclusion of the accounting chamber, in which the auditors said about the instability of the ruble due to the use of fiscal rules.
“The Ministry of Finance, the government generally did not suspend in any way the purchase of foreign currency, it continues. While the Central Bank when he announced floating exchange rate, declared that he reserved the option of intervention in order to ensure financial stability. And the Central Bank are to ensure financial stability, which has repeatedly said the head of the Central Bank, de facto carries out currency interventions on the currency market, currency markets,” said Oreshkin.
“That is a fiscal rule works the way it should work, and the Central Bank — and we really is a big Exodus from the government bond market, in General, increased volatility of financial assets — adopted a decision on carrying out of currency interventions on the market in limited period of time in order to ensure financial stability. All the mechanisms of the [budget rules] are totally”, — said the head of Ministry of economic development.
The U.S. budget deficit broke six-year record, reaching 3.9% of GDP. However, the US Treasury in the report for the last financial year pointed to the “tremendous economic power”, the agreement of the administrations trump
Photo: Brendan McDermid / Reuters
Deficit US Federal budget for the fiscal year ended September 30, rose 17% to us $779 billion, is spoken in the message of the U.S. Treasury. In relation to GDP, the deficit rose by 0.4 percentage points to 3.9%, the highest rate in six years.
The U.S. Treasury and management and Budget, presenting the results of the fiscal year, focused on the economic success of the administration of Donald trump. “President trump continues to cultivate an incredible economic force that contrasts sharply with the policies of the previous administration,” the statement said. Since the beginning of the presidency, trump has created more than 4 million jobs, real wages rose 1.4% and consumer sentiment are at its peak, transfers the Ministry of Finance.
Total expenses increased by $127 billion, or 3.2%, while revenue of only $14 billion, or 0.4%. The functional breakdown of the budget, increased spending on national defense by $33 billion to $664,7 billion has Significantly increased spending on social security (Social Security) by $43 billion ($988 billion).
The Ministry of Finance and the Federal property management Agency again differed greatly in predictions of receipts of dividends from state companies to the budget. The forecast of the Ministry of Finance three times — including the fact that for the calculation of assessment used by Bloomberg
Photo: Ekaterina Kuzmina / RBC
The Ministry of Finance laid down in the draft Federal budget 2019-2021 years of projected receipt of almost 1.9 trillion in total, over three years in dividends of state companies. And the Federal property management Agency, chief administrator of this type of income waiting for the same list of state-owned companies over the same period, only 581 billion rubles three-fold discrepancy in official forecasts revealed by the accounting chamber in the conclusion on the draft budgetsubmitted to the state Duma.
According to the forecast of the Ministry of Finance, in 2019, state-owned companies will be transferred to the Federal budget 588 billion rubles in dividends by 2020 625,8 RUB billion, and in 2021 — 674,8 billion rubles Forecast of Federal property management Agency 195,7 billion 202.2 billion and 183,5 billion rubles.respectively.
The Ministry of Finance and the Federal property management Agency is not the first time differ in quantitative assessments the receipt of dividends, but for the first time the difference was so significant. Last year three-year forecast of Finance, dividend exceeded the corresponding estimate of the Russian property Fund in 2.3 times, last — 2,1 times. Last year, a more conservative forecast of Federal property management Agency were more accurate, and the Ministry of Finance in the course of execution of the budget in 2017 was forced to halve its original plan. “The results of the analysis conducted by the accounts chamber in the period of execution of the Federal budget in 2017, showed that forecasts of the Federal property management Agency in terms of revenue and dividend payments are more realistic than the forecasts of the Ministry of Finance of Russia”, — said the audit chamber in the conclusion to the report about execution of budget for 2017.
Vice Prime Minister instructed to evaluate the program of modernization of generating capacity taking into account renewable energy sources (RES). For a mandatory share of RES in the project PDM-2 by the head “RUSNANO” Anatoly Chubais
(Photo: Vladislav Shatilo / RBC)
Deputy Prime Minister Dmitry Kozak has instructed the energy Ministry, industry Ministry, and Rosnano to evaluate further the modernization of generating capacity taking into account renewable energy sources (RES). This was reported by RBC representative of the Kozak Ilya juice following the meeting on the development of renewable sources of electric energy.
In particular, requested to assess the project PDM-2 (New program of modernization of generating capacity) subject to the mandatory inclusion of projects of manufacture of equipment for renewable energy in the national project “international cooperation and the export industry”, said the representative of Kozak.
The labour Ministry has drafted a special program for the retraining of pretensioners. To improve the skills of senior citizens is offered for three months in a part-time basis and scholarships in the amount of regional minimum wage
Photo: Vladimir Song / RIA Novosti
The labour Ministry has prepared a draft program to improve the skills of citizens approaching retirement age. Re-training will take three months from a separation from the main work during training pretensioners stipend will be paid in the amount of regional minimum wages, the draft “Programme of measures for the organization of professional training and additional professional education for citizens of pre-retirement age in accordance with the demand in the economy skills and competencies to 2024” (RBC).
The average cost of one training course will be 33 thousand rubles, all costs would be borne by the state, pretensioner it will be free. It is expected that by the end of 2024 vocational training will be held not less than 450 thousand pretensioners (i.e., 75 thousand annually), the document says. The program will create “economic and social conditions to ensure non-discrimination of certain categories of workers in connection with the increase in the retirement age” and will also contribute to the continuation of their work both on old and new jobs is emphasized in the draft programme. RBC sent a request to the Ministry of labor.
President Vladimir Putin on 3 October signed a law on the increase in Russia the retirement age to 60 for women and 65 years for men. Pension reform will begin in 2019 and be completed in 2028. During the transition period of the reform to the citizens of preretirement age will be those who left five years before retirement age.
Deputy Finance Minister Alexei Moiseyev said that the plan is classified as “For official use”. He added that the plan will be presented to the Prime Minister Medvedev after the elimination of technical improvements
(Photo: Ekaterina Kuzmina / RBC)
The Russian government does not intend to disclose the plan of de-dollarization of the economy, said Deputy Finance Minister Alexei Moiseev, reports Reuters.
Moiseev confirmed that the plan will be presented to Prime Minister Dmitry Medvedev after completion.
“While we still have technical disagreements between departments. Now we can quickly dogslife, and hopefully [soon, the government will consider],” said the Deputy Minister adding that the plan then they will not publish, as it is classified as DSP (restricted).
“Mechanical application” of the budget rule was strengthened by the instability of the ruble, said the chamber. The auditors are unable to understand the risks for financial stability, said the Finance Ministry
Photo: Dmitry Rogulin / TASS
The increased instability
The chamber has criticized the mechanism of budget rules — the scheme of purchase of currency on profits from oil more than $40 per barrel. “It should be noted the ambiguous effect of the implementation of fiscal rules for the currency market. So, holding the Ministry of Finance of Russia in 2018, operations on purchase of currency increased the instability of the ruble, as has likewise increased the demand for foreign currency,” wrote the auditors in their report on the draft budget for the next three years (RBC).
According to the audit chamber, which in may was headed by Alexei Kudrin, in the second and third quarters, when the ruble sharply weakened at high oil prices, “the mechanical application of the “budget rule” has increased the instability of the ruble, as has likewise increased the demand for foreign currency”.
The expected growth rate of Russia’s GDP by 2024, despite the may decree of Vladimir Putin will be among the five largest economies in the world, it will continue to outperform Germany, warns the chamber
(Photo: Pavel Golovkin / Reuters)
According to the accounting chamber, the projected growth rates of Russian GDP will not allow her to be in the top 5 largest economies in the world by 2024. This is stated in the conclusion of the joint venture on the project of the budget for the next three years (RBC).
Provided to grow
Entering into the five largest economies and providing economic growth above the world — one of the national objectives set out in the may decree of President Vladimir Putin. We are talking about the GDP based on purchasing power parity (PPP), explained the Minister of economic development Maxim Oreshkin. On this indicator Russia is now in sixth place in the world, and the fifth is Germany. To reach the fifth place, according to the decree, it is necessary to 2024.
The Forecast Of Economic Development (.pdf) provides the growth rate of the economy in 2019-2020 at 1.3 and 2%, respectively. In 2021, GDP growth should accelerate to 3.1–3.3% per year, expects the Ministry. “Taking into account the expected in this scenario, slowdown of world economy growth of Russia’s GDP at about 3% per year in the years 2022-2024 will exceed the global average, but may not be sufficient for Russia’s entry into the five largest economies in the world,” admits the MAYOR.
Writes the accounting chamber, the Ministry of economic development uses the forecast of the IMF estimates GDP at PPP of Russia and Germany, however, they differ from the actual data published by the world Bank. “We also used the estimated exchange rate and Euro-dollar at PPP, which increases the inaccuracy of the resulting estimates”, — underline the auditors.
Such assessments, according to the newspaper, are exclusive of VAT. They are contained in the calculation of the inter-Ministerial group under the chairmanship of Deputy Prime Minister Yuri Borisov. In total, Russia plans to build three nuclear-powered icebreaker of the project
Model of the atomic icebreaker “Leader”
The construction of one nuclear-powered icebreaker “Leader” without VAT and additional expenses will cost at 98.6 billion rubles, reports the newspaper “Kommersant” with reference to transmitted on 3 October the government the report of the head of Rosatom Alexey Likhachev. Such assessments, according to the document, are contained in the calculations of the interdepartmental working group under the chairmanship of Deputy Prime Minister Yuri Borisov. Means, as explained by the publication, will have to allocate the budget in 2020.
This amount, as specified in the message Likhachev, does not include Bank guarantee, insurance for the period of construction and nuclear fuel for the first load. The money for this, Finance Ministry, Economics Ministry and Rosatom have to find by November. In addition, in 2018-2020, the Ministry of industry and trade, according to the newspaper must provide for the development of electrical propulsion systems “Leader” RUB 950 million.
In total, Russia plans to build three icebreakers of this project. In September, the Cabinet finally determined by the construction of “Leader”. They, as said before, the source of RBC, was the far Eastern shipyard “Zvezda” (the development of the enterprise in the consortium of “Rosneftegaz” and Gazprombank engaged “Rosneft”).