MOSCOW, 11 Mar – RIA Novosti. The National Wealth Fund (NWF), while maintaining the current oil price, will be replenished monthly by 180-200 billion rubles, this money must be directed to finance investment projects in Russia, and the government must submit relevant proposals within a month, said Russian President Vladimir Putin.
“It is forecasted that if the current external economic situation persists, the fund will be replenished by 180-200 billion rubles every month. In accordance with the law, the funds of the liquidity part of the NWF above 7% (GDP – ed.) Can be directed to the implementation of large-scale investment projects,” Putin said at a meeting on investment activity.
“I ask the government to submit concrete proposals for investing funds from the NWF within a month, including in infrastructure projects,” he added.
The head of state instructed the authorities to take an inventory of existing projects, determine which of them are already well developed and make investment decisions.
The volume of the NWF as of March 1 amounted to 13.552 trillion rubles, while the liquid part of the fund amounted to the equivalent of 8.687 trillion rubles, or 7.5% of the forecasted volume of GDP for the current year. According to the current legislation, spending of the fund's resources on infrastructure projects is possible when the liquid part of the fund exceeds 7% of GDP.