“The Bank will reduce the amount of support the economy while reducing budgetary support

– Vnesheconombank, with the decline in contribution from the budget will be forced to reduce the amount of support the Russian economy or to refinance the external debt through market sources, reported “Interfax” the press-service of the Corporation.

“The management (management – approx. If) the EBV is designed to support the budget in 2018 and in 2019 in the amount of 150 billion rubles a year. In the case of reducing subsidies of up to 100 billion rubles a year VEB will be forced to refinance the external debts at the expense of other market sources or to reduce the amount of support the Russian economy”, – said the press service.

Property contribution of the Russian Federation, VEB planned to cut up to 100 billion rubles a year from 150 billion rubles, follows from the draft Federal budget for 2018 to 2020. Funds from the budget are provided by the Corporation for compensation of part of expenses on repayment of external debt and losses arising from gratuitous transfer of assets to the Treasury of the Russian Federation.

Russian Finance Minister Anton Siluanov explained to journalists that the reduction in subsidies is due to the fact that the Bank “will be able to perform all of its obligations with less support from the Federal budget.” “The amount of liquidity to meet its obligations will be provided as supported by the government, Treasury, and natural forces VEB”, – he added.

The web has reminded that in 2018-2019, accounting for a substantial amount of repayments of external debt of around 240 billion rubles a year. “In this regard, the VEB must maintain a level of support from the state”, – said the press service of the Bank.

The Corporation also drew attention to the fact that the development strategy of VEB provides the amount of its support budget in the amount of 150 billion rubles annually from 2017 to 2021.

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