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Financing of Development Insitutions

In accordance with a Decree which was issued by Prime-minister Mr. Viktor Zubkov on 27 November 2007, the Ministry of Finance was ordered to direct 300 billion roubles, that is 12 billion US dollars, from the stability fund to the budget account. This money will be used to finance the development institutes. Apart from this, it was also decided that these institutes, a result of the collapse of UKOS, must be financed by further 340 billion roubles. However, Mr. Zuvkov has mentioned no date as to when this amount should be transferred onto the accounts of the state corporations.

A sum of 640 billion roubles will surely becomes an absolute winner of the budget payments in the whole budget system. It will work as follows: The "Bank of Development" will get 180 billion roubles from stabilization fund; "Russian company of nanotechnology" will get 30 billion roubes from the stabilization fund and 100 billion roubles from the budget; the "Fund of Assistance of reformation of the housing communal services" will receive 240 billion roubles from the budget; and "Investfond" will get 90 billion roubles from the stabilization fund.

The Russian banks were promised an additional liquidity by the Ministry of Finance and the Central Bank in return for their financing of the development institutes. This will surely come in handy, as the bank has faced this problem in 2007 as a result of the American subprime market crisis. Due to lack of financing from abroad the Russian banks are currently forced to increase the values of refinancing in Central Bank.
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