Ministry of Finance of the Russian Federation
Ministry of Finance of the Russian Federation
03.08.2011

Statements of Deputy Finance Minister of the Russian Federation Т.Nesterenko

 

Reserve Fund cutoff price not to be introduced before 2015 - MinFin

KISLOVODSK. Aug 3 (Interfax) - A cut-off price for the purposes of forming Russia's Reserve Fund will not be introduced this side of 2015, Deputy Finance Minister Tatyana Nesterenko told reporters.

"We've drafted an amendment to the Budget Code that would suspend the requirement for the cutoff price or transfer to the Reserve Fund until 2015," Nesterenko said.

Specific approaches to determining the extent of oil and gas sustainability will still be discussed. "The main task is to put a mechanism in place to enable us not to boost spending with revenue generated from market conditions so our spending obligations don't collapse," she said.

"We're working on various options [for a formula], simulating our commitments in the event prices change. We'll have our position ready soon," she said.

 

Finance Ministry dismisses financing plans for North Caucasus.

KISLOVODSK, August 3 (Itar-Tass) — The Russian Finance Ministry will not coordinate a state program for the development of the North Caucasian Federal District presented by the Ministry for Regional Development in the amount of 3.9 trillion roubles, Deputy Finance Minister Tatyana Nesterenko told reporters on Wednesday.

“We will not coordinate that program in this amount,” she said. “Everything will be within the framework of the budget,” she added.

Earlier, the Ministry for Regional Development presented a draft state program for the development of the North Caucasian Federal District up to the year 2025 envisaging the financing in the amount of 3.9 trillion roubles, of which 2.6 trillion roubles were to be allocated from the federal budget.