VEB: assigning financial audit expert functions to development institutions will improve budget spending

Svetlana Yachevskaya, Deputy Chairman and Member of the Management Board at Vnesheconombank, has taken part in the St. Petersburg International Legal Forum as a speaker at a plenary session on Long-Term Investments: Predictable Results Within the Russian Jurisdiction. Her speech has been focused on modernisation of the budgeting process of the Russian Government aiming to achieve national development goals and strategic objectives set under the new May Decree. Adopting project-based principles for the budgeting process requires promoting private initiatives, streamlining the extent of government participation, and focusing government support on priority projects.

Financial audit may become an efficient project evaluation tool. The concept of integrating financial audit into budgeting has been adopted by the Russian Government in April 2018. Auditing projects and their execution options, as well as assessing their future impact will help identifying projects that match national priorities using a clear and transparent methodology.

"The government should identify efficient measures of government support and the extent of its involvement in a flexible and fast way so as not to substitute these measures for private initiatives, but encourage them. Adopting financial audit requires advanced tools and special skills, which implies collaboration between government authorities on the one hand and expert organisations and development institutions on the other. Undoubtedly, Vnesheconombank has these skills given its long-standing experience in acting as an agent for the Russian Government," said Svetlana Yachevskaya.

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E-mail: press@veb.ru

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