КЛЮЧЕВЫЕ АСПЕКТЫ ИСПОЛЬЗОВАНИЯ СУВЕРЕННЫХ ФОНДОВ В РЕШЕНИИ СТРУКТУРНЫХ ПРОБЛЕМ НАЦИОНАЛЬНОЙ ЭКОНОМИКИ

Abstract

The problems of increasing the significance and effectiveness of involving sovereign funds in solving the most significant issues of the structural development of the national economy of Russia have been investigated. There is shown the importance of Russia's sovereign funds in such key areas as increasing non-tax revenues of the federal budget, ensuring the stability of the discharge of expenditure obligations, formation of a financial reserve for mitigating the consequences of unfavorable internal and external financial conditions, formation of investment resources for solving structural problems, ensuring the stability of the national pension system. The analysis of the main directions of spending the Reserve Fund and the National Welfare Fund in 2010-2017 is presented. The analysis results show that the debt management model of sovereign funds organized with the participation of Vnesheconombank is not effective enough. This conclusion can be explained by the complete depletion of the Reserve Fund's resources without the due effect for building the national economy's potential, as well as an increase of Vnesheconombank's problem assets to the critical level. It has been stated that the resources of the National Welfare Fund should not be considered as an additional source of domestic investment demand, since they are necessary for long-term sustainability of the pension system exposed to financial risks in the conditions of a stable budget deficit of the Pension Fund of the Russian Federation. It was inferred that it is necessary to form an investment model for managing sovereign funds. This model should base on the investment strategy for the medium term and correspond to the priorities of socio-economic development. An important element of such a strategy should be the regional investment interests, because structural development of the economy is a territorially differentiated problem.