The authorities have found a way to reduce the budget deficit
The Ministry of Finance plans to introduce a new mechanism for managing temporarily free budget funds. This is stated in the draft government decree (Izvestia has the document).
We are talking about money that has already been transferred to the treasury from taxpayers and other items, but has not yet been actually used for any expenses. They are stored in a single treasury account and placed, for example, on bank deposits or in securities.
The current mechanism provides that the Treasury signs contracts (for example, for opening a deposit) with banks for each transaction separately. This requires a lot of time to process the documents, said Maxim Barashev, managing partner at BBNP law firm.
Now it is proposed to combine the obligations of the parties under the agreements in order to reduce the number of payment transactions. They will be transferred to an intermediary, a clearing organization. This will make it possible to increase the number of operations performed to place temporarily available funds during the day.
The explanatory note to the document of the Ministry of Finance says that the innovation will make the use of funds more efficient and profitable. The mechanism should be operational on September 1, 2025.
In conditions of budget deficit, the authorities are looking for ways to reduce it, and the new settlement procedure is one of these methods, said Alexey Tarapovsky, founder of Anderida Financial Group.
Yaroslav Kabakov, Director of Strategy at Finam IC, estimates that the proposed changes could bring up to 200 billion rubles of additional revenue per year to the federal budget. In addition, effective management of temporarily available funds in the regions may reduce the need for additional inter-budget transfers or loans.
Read more in the exclusive Izvestia article:
Free cash register: The authorities have found a way to reduce the budget deficit
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