IMPROVING THE MECHANISM FOR MANAGING THE FUNDS OF THE NWF (NATIONAL WELFARE FUND) OF RUSSIA

Litvin Valeria Viktorovna, Filippova Natalya Vladimirovna

The relevance of this study is due to the presence of problems in the management of the funds of the National Welfare Fund of Russia, which in practice manifests itself in the form of the impossibility of achieving the budget rules established by legislation. This does not allow us to develop the investment activity of the National Welfare Fund, which is necessary to increase the profitability of funds placed in it. The article presents the concept and characteristics of the activities of the National Welfare Fund of Russia and the budget rule, examines the mechanism of the Fund's influence on the main macroeconomic parameters. Based on statistical data, the analysis of the dynamics of the share of the Fund's funds in the Gross Domestic Product, the dynamics of the Fund's funds and the average annual growth rate of its funds, as well as their profitability, was carried out. Based on the analysis, a forecast model of the Fund's funds until 2035 is presented, as well as problems and causes of inefficient management of the Fund's funds are identified. The key problems in this area are: the possible exhaustion of the Fund's liquid financial resources in the next three years, the impossibility of reaching the threshold values of the established budget rule for obtaining the possibility of placing additional oil and gas revenues in permitted assets. The directions of improving the Fund's funds management mechanism were proposed: increasing the share of the Fund's deposits by providing an additional subordinated deposit as part of the financing of the "Project Financing Factory" Program; creating a share capital fund; providing credit institutions with reduced risk coefficients for investments in the equity fund; using the principle of "capillary" filling of the fund, depending on the timing of project approval.

Keywords:national Welfare Fund, NWF, NWF funds management, budget rules, oil and gas revenues, sustainable development