The Russian government decided to partially pay off debts of defense companies in the amount of 800 billion rubles at the expense of the rest of the so-called presidential reserve formed from the frozen pension savings of Russians. For this purpose before the end of the year will be allocated 167 billion. This was announced by the Minister of Finance Anton Siluanov, reports RBC.

A reserve of $ 342 billion roubles was established in the budget for 2016 “as a result of the moratorium on the accumulative part of pensions,” the Minister said. According to him, 150 billion roubles was spent on the support of Vnesheconombank, 25 billion – on a priority project the construction of new schools. The reserve balance, 167 billion, according to Siluanov, his Ministry is offering for the repayment of Bank loans of defense plants.

Recently Siluanov explained to deputies of the state Duma of the reason for the growth of classified expenditures in 2016. He said that the authorities want to repay the debt of the Ministry of defense 800 billion from more than $ 1 trillion worth of loans that were previously taken by defense companies on speedy rearmament of the Russian army.

However, as was stated by the Minister of Finance, the maturity of this part of the credits expire in 2017-2018, and early payback on them will save budget funds for payment of interest on these loans. All of this money, according to Siluanov, will receive the defense Ministry, which will give their defence businesses pay on loans.

On 14 October, Deputy Finance Minister of Russia Alexei Moiseev said the partial defrosting of the cumulative element of the mandatory pension system in Russia is possible only with a significant change in external economic conditions. This could be, for example, the return of oil prices to $ 80 per barrel, he explained.

Funded part of the mandatory pension system of the Russian Federation frozen 2014: 6 of the 20% mandatory pension contributions, which informed the choice of the citizens could go to the formation of pension savings, since coming to the distribution part of the pension system and spent on payments for current retirees. Recently, this moratorium was extended by three years.

This allows the authorities to save more than 300 billion rubles a year on budgetary transfers to cover the deficit of the Pension Fund, but pension accumulation of citizens under a mandatory system since that time not formed. Every year, the authorities claimed that the cumulative part of the pension shall be withdrawn temporarily, however, the money all the time went to plugging holes in the budget.

The economic development Ministry earlier proposed to unfreeze at least part of the savings element of pensions, by starting to transfer to savings accounts of the citizens of 2017, at least one percentage point of pension contributions.

The rest of the frozen pension savings of Russians will be allowed on payment of debts of the Ministry of defense 22.10.2016

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