Russian President Vladimir Putin answered the question whether the country is going to open up the “money box” – this is the name of the National Welfare Fund (NWF). He said this during a plenary session at the St. Petersburg International Economic Forum (SPIEF). The broadcast is on Youtube…
Responding to the moderator of the discussion, the President said that this is already being done. “Hundreds of billions of rubles have already been directed to infrastructure projects,” he stressed, adding that they are trying to direct funds to those projects that are profitable. “This is the right approach both from an economic point of view and in the interests of the state,” he said.
Putin reiterated that funds are already being allocated and will be allocated in the future. “We are talking about railway communication, about the construction of roads, we are giving these funds for the development of industry, for large projects and facilities,” the president explained.
In late May, it became known that the Russian authorities had selected several applicants for the money from the NWF. we are talking about the development of highways, railways, renovation of metro cars and housing and communal services. For example, a project for the development of the Baikal-Amur Mainline (BAM) can receive money. Also in the list of potential recipients were the projects of the M-12 Moscow – Nizhny Novgorod – Kazan highway and the high-speed highway from Kazan to Yekaterinburg. More funds can also be allocated to Transmashholding for the renovation of metro cars in St. Petersburg. Also among the applicants are the Housing and Utilities Reform Fund and the project of the Ministry of Economic Development for the development of the Angara-Yenisei macroregion.
In early June, Russian Finance Minister Anton Siluanov announced a radical change in the structure of the NWF in the coming month. So, there will be no American dollars left in it, although before that they accounted for 35 percent of the fund.