Russian Economic Development and Trade Minister Elvira Nabiullina
Photo: Dmitry Azarov
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State Investment Shrinking - Down 1.2%
The Ministry of Economic Development and Trade has calculated that the share of state investment in authorized capital in Russia has fallen 1.2 percent since 2005. Economics Minister Elvira Nabiullina stated at a meeting of the government last Thursday that that indicator was 19.6 percent in 2005 and 18.4 percent this year. Nonetheless, state investment is up 20 percent this year over last to 4 trillion rubles in the first nine months of the year. It totaled 4.6 trillion rubles for all of last year. The 2007 figure does not include 640 billion rubles spent to finance institutions of development.
Nabiullina pointed out that the goal of state investment is to stimulate private investment, including state-private partnerships. She also said that it is incorrect to state investment is the driving force of the Russian economy or the source of its investment boom.
One of the reasons for the decrease in state investment is the underfunding of federal recipient-oriented investment programs, which received 43 percent of its funding, and federal target programs, which received just over a quarter of its budgeted funding in the first six months of the year. In 2006, only 9 billion rubles was spent from the 69-billion ruble investment fund. That fund received 200 billion rubles more in funding this year, of which about 55 billion rubles has been spent.
Observers point out that the activities of the state companies are also an element of state investment.
www.kommersant.com
All the Article in Russian as of Dec. 17, 2007
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