GORKI, Moscow Region, Oct 28 (PRIME) -- The Russian government plans to work out a mechanism to invest the National Wealth Fund money after 2020 very soon, Finance Minister Anton Siluanov said on Monday at a meeting of Prime Minister Dmitry Medvedev with his deputies.
“We have provided for additional decisions at the federal level. We are talking about a financing mechanism from the National Wealth Fund’s money. We will be allowed to do that starting from next year, and we are to submit a mechanism for investment of the National Wealth Fund’s money for consideration to you, Dmitry Anatolyevich (Medvedev), very soon,” he said.
The Budget Code obliges the government to transfer all oil and gas revenue above the threshold oil price, set at U.S. $40 per barrel for 2017 and indexed by 2% per year, to the National Wealth Fund. Until the fund reaches 7% of GDP, it places money only with the central bank, which in its turn invests it only in highly liquid foreign assets.
The fund is to exceed 7% of GDP in July 2020, when the central bank transfers the excessive revenue accumulated in 2019.
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