В.Путин.Послание ФС РФ.26.04.07.Part 7

Annual Address to the Federal Assembly.Part 7
April 26, 2007
Marble Hall, the Kremlin, Moscow

Послание Федеральному Собранию Российской Федерации.Part 7
26 апреля 2007 года
Москва, Кремль, Мраморный зал

Not only government officials but also representatives of the parliament and public organisations should be involved in the management of this Fund. Given the seriousness of the problem and the large amount of resources allocated, the Fund should draw up a programme for a 4-5-year period. This programme should focus on encouraging reform of the housing and municipal services sector and on providing assistance to specific individuals.

I hope that the members of the national and regional parliaments will exercise reliable control over the spending of these funds, and I ask you to do so, and I also hope that the media and the public will ensure control. I stress too that nobody is relieving the regional and local authorities of their responsibilities in this area.

Colleagues,

In 2002, we decided to establish the Stabilisation Fund. It was necessary in order to guarantee the execution of budget spending commitments and to reduce inflationary pressure created by high oil prices on the world markets.

Time has shown that this policy was correct and justified. We have consistently brought down the inflation rate and this has had a positive impact on the growth of real incomes and has contributed to our economys sustainable development.

But the nature of the economic tasks at hand today call for adjustments to the Stabilisation Funds functions and structure, while continuing to pursue a conservative financial policy. In this respect, in my Budget Address, I proposed a new procedure for using the financial resources obtained through oil and gas revenues. The specific parameters of this new procedure are fixed in the Budget Code.

I remind you that all oil and gas revenues will be divided into three components.

First is the Reserve Fund, the purpose of which is to minimise the risks to our economy of a sharp drop in energy prices on the world markets, and also to maintain macroeconomic stability and fight inflation, which, as I said, has a direct impact on the growth of peoples real incomes.

Second, part of the oil and gas revenues will go into the federal budget, primarily in order to carry out large-scale social programmes.

Third, the remaining oil and gas revenue will be placed in the Fund for Future Generations.

I think that the money in this Fund should be spent on raising the quality of life of our citizens and developing our economy. This Fund should help bring greater prosperity for our people both now and in the future. In this respect, it would be more correct to call it the National Prosperity Fund.

I would like to look now in more detail at how we propose spending the Funds resources.

Historically, our culture has been based on respect for the people who have raised us and set us on our road in life. A society that does not show respect for its old people has no future. But during the difficult reform years, many pensioners the vast majority, to be honest ended up below the poverty line, above all due to the collapse of a pension system that was not adapted to market conditions.

We have no right to repeat the mistakes of the past and we must undertake every possible effort to guarantee a decent life for our pensioners in the future.

At the same time, we are hearing more and more often that we will not be able to resolve the problem of providing future pensions unless we raise the retirement age. Advocates of this idea base their conclusions on calculations that show a potential deficit in the pension system over 2012-2030 due to the need to index the basic pension at rates exceeding inflation, and also as a result of the problematic demographic situation.

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