The Vitebsk Regional Executive Committee plans to create an extra-budgetary centralized investment fund

A non-budgetary centralized investment fund is planned to be established in the Vitebsk Regional Executive Committee in 2016. This was announced today at a joint meeting of the presidium of the Vitebsk Regional Council of Deputies and the regional executive committee by Boris Kichanovsky, head of the main financial department of the regional executive committee.

Boris Kichanovsky announced the results of the region's budget execution for January-November of the current year and plans for 2016. Forecasting the situation, he emphasized that the funds provided for in the budget are insufficient to provide adequate support to the region's agro-industrial complex. "The task is to search for resources, and a non-budgetary centralized investment fund can become one of the sources of financing," the head of the department noted.

He explained that, in accordance with the legislation, such a fund can be formed by the regional executive committee from the part of subordinate organizations. The funds of the investment fund will be directed, among other things, to the implementation of regional programs, investment projects, the purchase of machinery and equipment, vehicles, technological equipment, as well as to the construction of buildings, engineering and transport communications, and the repayment of bank loans obtained for these purposes. In addition, the fund's resources can be used to repay loans issued under the guarantees of local authorities, as well as to reimburse guarantees executed at the expense of the budget. In accordance with the legislation, the regional executive committee must approve the estimate of expenses for the investment fund, agreed with the Ministry of Finance, by February 1, 2016.

Nikolai Sherstnev, Chairman of the Vitebsk Regional Executive Committee, emphasized that the creation of such a fund could be a good support for solving pressing issues. "Such a fund, where money will be collected, will allow us to solve problems selectively, without scattering resources," the governor stated. "I think, I am even sure that the residents of the region will react positively to this. Because we are all proud of the good things we have in the region, and at the same time, we are all ashamed of the shortcomings."

The governor noted that the general mechanism for forming the fund has already been developed, but its edges will still be refined. "We will discuss this topic, including in the media. People should understand that the money collected in this way will go to the development of the region. Perhaps we will even create a public council to control this work. These are just assumptions and suggestions for now, how it will be in reality is yet to be decided," the governor said.

The amount of revenues of the local budget of the Vitebsk region, excluding gratuitous receipts from the republican budget for 2016, is projected at Br11 trillion 357 billion (an increase of 12% compared to the current year). The budget provides resources for the preparation of facilities for the regional festival of rural workers "Dazhynki" in Senno. More than Br150 billion will be allocated for these purposes, including Br40 billion for social facilities, and Br108 billion for the repair of housing stock and road network.

Alena Tikhonova, BELTA.