Russian budget execution being reformed

RUSSIA / FSU POLITICS - In Brief 07 Jul 2019 by Alex Teddy
The Ministry of Finance suggested that a proper treasury payment system be introduced. This shall shift all budget transactions from ministries, regions and so on to the treasury. The aim is to move to a system of uniform accounting in the budget system. There are over 50 000 government accounts in the Bank of Russia. They will be pooled into a single treasury account. This will give the government liquidity of RUR 1.2 trillion. The liquidity will be invested in bank deposits.Back in 2018 the Finance Minister Anton Siluanov suggested that turning the treasury into an IT system would improve budget transactions speed and efficiency. Now in 2019 the national projects are floundering. The government has been driven to action. Putting funds into a united treasury account will make money available for the national projects. This will prevent ministries having to wait for funds. Civil servants are sometimes lethargic and slow when it comes to moving money from one account to another which delays starting projects. Now this problem will have been solved. Until now urgent payments could not always be made.

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