The money from the sale of a package of the Central Bank in the savings Bank will direct on Mazsalaca address of the President

proceeds from the sale of government’s stake in Sberbank will go to the implementation of social tasks set by the President of the Russian Federation, said at the government meeting, Finance Minister Anton Siluanov. It will be about 2 trillion rubles.

the Government buys 50 percent stake in Sberbank from the Central Bank at the expense of the national welfare Fund. The size of the Fund exceeds “the 7 percent level beyond which we have the opportunity to invest”. “It is a good investment, profitable investment, on the one hand,” — said Siluanov.

According to him, on the other hand, this investment allows to replenish the budget at the expense of profit which will be received by the Central Bank after the sale of the shares. This money can be used “on the tasks that was placed in the President,” — said the Minister.

By law, the Central Bank lists 75 percent of its annual net profit to the Federal budget.

the government does not alter the budgetary principles and budgetary rules.

To meet the goals set by the President, should be about 2 trillion rubles in the next three years. The budget for the three year totals and additional monthly payments of children’s allowances to families with children 3 to 7 years, and the upgrade of primary health care, and assistance to schools and students, new places and hot meals. Among the priority measures and to increase social benefits, maternity capital, subsidised medicines.

the Government will buy the Bank the government’s stake in Sberbank in about 2.5 trillion rubles, Siluanov said.

the Bank of Russia owns 50 percent + 1 share of the authorized capital of Sberbank (52.3% of ordinary shares). By January 1, 2020, the volume of the national welfare Fund increased to 7.8 trillion rubles.

Earlier, the President of the Russian Federation in the Message to the Federal Assembly proposed to extend the maternity capital program till the end of 2026. From 1 January 2020 materinsky capital paid not only for the second and subsequent child in the family, but for the first. The President proposed to increase the size of matkapital for 150 thousand rubles for the birth of the second child.