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Nation’s Financial Incompetence Is Finance Ministry’s Concern
The RF Finance Ministry has handed over for further agreement to Economic Development Ministry a federal draft program aimed at improving financial competence of the nation, Deputy Finance Minister Sergey Storchak told reporters in Washington. Finance Ministry expects the government to consider the draft before year-end.
The execution dates are estimated at five to nine years, Storchak said. “Five years is the minimum, but in view of the country’s scale, five years won’t be enough, it will be seven to nine years most probably.” Overall budget of the program is to amount to from $80 million to $100 million.
Finance Ministry intends to attract the World Bank as a consultant. “The World Bank has required experience of implementing big projects,” Storchak said, specifying that large numbers of participants will be involved, including universities and individuals. The business is expected to “arrive as a co-investor.”
The problem of financial incompetence of the population was raised by Vice Premier Alexander Zhukov. Restricted access to financial services of such sizeable groups of the population as the poor, residents of remote regions and marginalized people slows down economic advance and limits ability of the nation to insure economic well-being, Zhukov said past November referring to results of the survey of OECD, the World Bank and other international organizations.
www.kommersant.com
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