The Ministry of Finance proposes to expand the possibilities of using advances from the NWF for investment projects

The Ministry of Finance of the Russian Federation has developed a project that expands the list of areas for the use of advances by the initiators of investment projects at the expense of funds raised by them from the National Welfare Fund (NWF). According to press office departments, the need to expand is due to the fact that the share of extrabudgetary sources has significantly decreased in the structure of new projects.

The current procedure for advancing at the expense of the NWF does not allow financing a number of works and expenses. For example, the share of funds from the National Welfare Fund in the project “Construction of the Kazan-Yekaterinburg highway on the Dyurtyuli-Achit section” is 97.7%.

The Ministry of Finance notes that under the new rules, restrictions on the use of NWF funds to pay for consulting, legal, insurance, marketing and advertising services, as well as hospitality expenses will remain. Since such services do not have a significant impact on the implementation of the project, they can still only be financed from extrabudgetary sources.

Settlements for advance payments to contractors will be made by transferring funds from the NWF from the special account of the project initiator to the settlement account of the supplier (contractor). This will increase the transparency of settlements and optimize the activities of credit institutions serving suppliers, according to the Ministry of Finance.

According to the agency, these approaches will increase the efficiency of bringing NWF funds to all project participants, reduce their costs associated with administering operations with NWF funds, without increasing the risks of investing budgetary funds in the project.

Daria Erozbek