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Michael Delyagin: There Is Such an Impression That Someone from Authority Considers Stabilization Fund As His Private Pocket

Michael Delyagin: There Is Such an Impression That Someone from Authority Considers Stabilization Fund As His Private Pocket
Anna Ivanova 01.11.2007

- Michael Gennadievich, according to the official data of the Ministry of Finance the receipt of the superprofits by the federal budget has practically ceased. Does it mean that "putin's prosperity" has gradually changing for a life according to ones means or even by depression? 


- Well, it is news not so new, so to say, it's expected. Already in January-September the incomes having made 5.084,78 billion roubles exceeded scheduled level only on 0.2 % or on 11,2 billion roubles. The basic departmental reason - is a shortage of incomes of the Federal customs service on 3,4 %, it's nearby 78,2 billion roubles, it's the first time when it didn't execute budgetary projects during all putin's presidential term, though earlier the tax service always exceeded them, as well as the customs till III quarter of 2007. And real incomes reduction took place in September when they made only 18.5% of GDP in comparison with 22.2% of GDP in average for January - September. As a result the budgetary surplus of September fell up to 4.7% of GDP in comparison with 7.6% of GDP in the first half of the year, 6.2 and 7.3% of GDP in July and August; in the whole during nine months the surplus made up 7.0% of GDP. It's impossible to call it depression, but there is a tendency however...

- Is it possible to think that pre-election year with its promises to the population has essentially stricken over the budget?


- I already wrote in "Vedomosty" that financing of charges made a round sum in 3.950,0024 billion roubles, it was on 4,9 % (205,7 billion roubles) below budgetary projects. Cash charges which made 3.483,74 billion roubles were below budgetary projects already on 16,2 %, that's 671,9 billion roubles, from which 466,2 billion "were frozen" on the accounts of spending units. Surplus of the budget made 1.601,04 billion roubles from which 57,3% (917,9 billion roubles) are scheduled, 0,7% are caused by the receipt of the additional profits by the budget, 12.9% - as a result of funding gap and 29.1% - a freeze of the allocated funds on the accounts of the spending units aiming fist of all to fight with inflation ineffectively. You can judge for yourself what happened.

- That is you want to say that financial bodies simply failed to fulfill the target they were appointed? They had money but they failed to spend them?


- The rests of means on accounts of the budget continued to accrue: in July they grew on 182,1 billion roubles, in August - on 245,6 billion, in September - on 103,8 billion. As a whole for January-September they increased more than in one and a half time - on 1,6 trillion roubles, from 3,1 up to 4,75 trillion roubles, having essentially exceeded the scales of charges of the federal budget for same time. Only less than three quarters of these rests are concentrated by the Ministry of Finance in Stabilization Fund which has grown for 9 months more than in one and a half time - from 2,3 up to 3,5 trillion roubles and made 15.3% of GDP at budget projects foreseeing its getting to 12% of GDP to the end of the year. Where does all this go to?


- Really where?


- It is rather interesting that in August an external state debt of Russia was repaid from Stabilization Fund. "In consideration for repayment of additionally confirmed debts of the former USSR before the French Republic which is a subject of re-structuring within the limits of the Parisian club of creditors" (the formulation "additionally confirmed debts" arises sensation that the Ministry of Finance and the government took a doubtful duty which was possible not to pay) 70 million roubles were paid from Stabilization Fund. Another essentially more scaled rest of a debt of Russia to Portugal - 2,14 billion roubles was paid ahead of schedule. Settlement profitableness from the beginning of operations on accommodation of means of Stabilization Fund weighed according to its currency structure, has made 10,23 % of annual in US dollars. So high level of profitableness makes to suspect that operations with its means are more risky, than they usually considered to be. A course difference on the rests of means on its accounts in foreign currencies from the beginning of the year made 53.1 billion roubles (1.8% from mid-year rest of all its means).


- So, may be all this goes to the strengthening of the budget?


- Financing of charges of the federal budget article by article remains rather non-uniform. At the general underfinancing on 4,9% no direction was financed completely. Best of all - on 99,2 and 98,8% accordingly - were financed defense and safety with law enforcement bodies. Better than average the charges on ecology (97.6 %), social sphere (97.3 %), interbudgetary transfers (96.8 %), education (96,4 %) were financed. A little bit worse than average charges on housing and public utilities (93.4 %), on culture (93.2 %) and ostensibly priority assignment - public health (92.7 %) - were financed. It's amazing that not the economy found out to be the main "castaway of the Ministry of Finance" in January-September, 2007 (though it also was financed only on 87.9 %) but nation-wide charges without charges on service of the state debt financed only on 84,0 %. Thus, a real priority of the Ministry of Finance is the refill of Stabilization Fund which is carried out even with an advance in schedule; meanwhile expense items of the budget for the sake of which it, as a matter of fact, exists, appear to be minor, which could be sacrificed not even at the want of funds but at simple reduction of additional means.
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