Apr 7, 2021
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Vasily Koltashov: Why are pensioners not getting oil windfall profits?

The Ministry of Finance offered to lend from the National Welfare Fund (NWF) to other countries.

The NWF receives additional oil and gas revenues. Why is this money not going to support the pension system – the goal for which the fund was created?

Vasily Koltashov, Director of the Institute of a New Society:

– Over the 13 years of the existence of the NWF, a lot could be done with his money. For example, to build a high-speed railroad and transfer part of its shares to the Pension Fund so that it receives a source that does not depend on deductions from salaries. It was possible to fill the PFR deficit and not to suspend the indexation of payments to working pensioners. But all this contradicts the worldview of the liberals who are in charge of the Ministry of Finance. In their dogmatic logic, building on budget money is bad: it is fraught with inflation. Raising pension payments is even worse: pensioners will eat up money, and the treasury will be empty. What is left for the confused liberal financier? Invest the NWF in the usual way – in securities abroad. And the fact that the United States announced sanctions to us does not seem to matter that investments in China turned into losses due to the fall of the yuan – too. The idea of ​​lending to foreign governments is better, since the money will be issued for the purchase of Russian goods. But the “fund for everything in the world” will not increase the welfare of the nation.

The opinion of the author may not coincide with the position of the editorial board

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