Frozen pension savings of Russians will give the defense Ministry

Finance Minister Anton Siluanov

Photo: Oleg Yakovlev/RBC

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The balance of the budget reserve (167 bn), formed from frozen pension savings of Russians will be spent on repayment of loans to the defense industry, said Minister of Finance Anton Siluanov

The repayment of debts to defense enterprises on 800 billion rubles., planned before the end of the year, will be partly financed by the rest of the so-called presidential reserve formed from the frozen pension savings of Russians, said Finance Minister Anton Siluanov at session of the state Duma on Friday.

The reserve at 342 billion rubles was established in the budget for 2016 “as a result of the moratorium on the accumulative part of pensions,” the Minister said. According to him, RUB 150 billion of it spent on the support of Vnesheconombank, 25 billion — on a priority project the construction of new schools. The balance of this reserve, 167 billion rubles, according to Siluanov, the Finance Ministry proposes to be used for repayment of Bank loans of defense plants.

Earlier this week, Siluanov explained to deputies the reason for the growth of classified expenditures in 2016: the authorities intend to repay 800 billion roubles from more than 1 trillion rubles of credits that were previously taken by defense companies on speedy rearmament of the Russian army. The maturity of this part of the credits expire in 2017-2018; early payback on them will save budget funds for payment of interest on these loans, the Minister explained.

All the money, according to the Minister, will receive the defense Ministry, which will give their defence businesses pay on loans.

Siluanov confirmed the RBC calculations, according to which the share of private spending in the Federal budget by the end of 2016 will amount to 22.3% of the post — Soviet maximum. “That’s just the increase in the share of private papers is due to the fact closing a credit scheme for defence enterprises, and the share of the closed part of the budget increases in this regard, from 18 to 22.3% of total spending,” the Minister said.

Funded part of pensions in recent years has become a source of additional reserves for current expenses of the government. The moratorium on transfer of pension savings of Russians in private pension funds was first introduced in 2014. Then freeze the funded part has been extended for 2015 and 2016 and will be maintained in the next year. In 2016, the Federal budget savings from the moratorium amounted to 342 billion roubles, of them were formed “anti-crisis” presidential reserve.

  

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