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State corporation may manage National Welfare Fund
RBC, 27.06.2008, Moscow 10:48:13.Russia may establish a new state corporation to manage the National Welfare Fund, Pyotr Kazakevich, the deputy head of a Finance Ministry department, was cited by the RBC Daily newspaper as saying on Thursday. The ministry pledged to transfer the functions of managing the fund to a specialized financial institution, saying that it was considering various options, including an engagement of private companies. While the decision has yet to be agreed upon with the concerned ministries and the Bank of Russia, the most probable outcome is the creation of an absolutely new state corporation. However, experts and market participants were not pleased with the idea, pointing out that the state corporation would have no advantage over a private business.
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