Russia strips dollars from sovereign wealth fund

Significance Russia's sovereign welfare fund will eliminate all its dollar holdings this month. The announcement was timed less than two weeks before Putin's June 16 summit with US President Joe Biden. Impacts The summit outcome will influence investors' geopolitical risk perceptions and affect their valuation of Russian financial assets. Broader de-dollarisation is unlikely as Russians still view the US currency as a safe asset. The rising share of the euro and renminbi reflects the importance of Russia's two leading trading partners.

From demand economy to economy of supply?

In this article the authors question the effectiveness of Russia’s government policy aimed at transition from demand economy to economy of supply. The authors argue that Russian financial policymakers incorrectly treat cyclical budget deficit as structural. Such approach creates an additional barrier to an aggregate demand growth in Russia’s economy, which still remains in recession. Revival of financial policymakers’ trend to excessive accumulation in the National Welfare Fund, post-election cuts in budget social spending and infrastructure investment together with extremely high interest rates pose a considerable threat to the national security. Revealing the effect of restrictive fiscal and monetary policies on deepening the recession, the authors identify the growth dilemma for Russia’s economy — either an inevitable halt or a radical shift to a new quality.

الآليات المؤسسية في هيئة الإمم المتحدة لحماية الأطفال أثناءالنزاعات المسلحة

ملخص:البحث في الآليات المؤسسية التي تولي الحماية للطفل أثناء النزاعات المسلحة ضمن منظومة الإمم المتحدة، هو الهدف الرئيس لهذه الدراسة، إذ أنه وبعد الدراسة والتدقيق ظهرت مجموعة من الآليات المؤسسية لتوفير الحماية اللازمة لهذه الفئةالمستضعفة، كالجمعية العامة ومجلس الأمن، وصندوق رعاية الأمومة والطفولة الـ UNICEF علاوة على الممثل الخاص. ولكل آلية أساليب خاصة في إطار الدراسة، ومراجعها الفكرية والتنظيمية وإيجابياتها وسلبياتها، فمسألة الهرم الإداري، والتكاليف المالية، والمصاريف المكتبية، والأساليب المتبعة، أحياناً تعيق مساعيها، ولكن رغم ذلك فلها من الفعالية ما يؤهلها لتكون وسائل مؤثرة ومجدية في حماية الأطفال وضمان حقوقهم لاسيماخلال النزاعات المسلحة.وبإتباع أسلوب الوصف وتحليل مواد الصکوك الدولیة، الإجرائية والموضوعية، قد توصلنا إلى هدفنا الرئيس في بيان دور تلك المؤسسات وآليات عملها في توفيرالحماية اللازمة للأطفال ووحماية حقوقهم أثناء النزاعات المسلحة، حيث أنه وبتظافر جهود تلك المؤسسات مجتمعة تتكامل المهمة في تقديم الحماية اللازمة وضمان أفضل لحقوق وحريات هذه الفئة من المدنيين، أو المجندين إجباراً ضمن القوات المسلحة. ومن خلال ذلك توصلنا إلى أن تطور الحاصلفي ميدان حقوق الإنسان بصفة عامة، هو الذي أدى إلى إحداث التحول نحو الإهتمام بحقوق هذهالفئة. وبالإمكان إعتبار إتفاقيات حقوق الطفل الدولية والإقليمية بمثابة الشريعة العامة لحقوقهم. وأن القانون الدولي الإنساني هو الشريعة التي توفر الحماية اللازمة للأطفال في حالات النزاع المسلح سواءاً الداخلية أم الدولية. إلا أنه ورغم كل التقدم لصالح الأطفال، وتحقيق الإنجازات الجبارة في ميادين ومجالات مهمة جداً تخص الأطفال، إلا أن أعداداً هائلة من الأطفال تنتهك حقوقهم على مستوى العالم لا سيمامن خلالالنزاعات المسلحة.Abstract Researching the institutional mechanisms that provide protection for the child during armed conflicts within the United Nations system is the main goal of this study. After looking at the literatures, it appears that there are set of institutional mechanisms emerged to provide the necessary protection for this vulnerable group. Among these institutions are the General Assembly, the Security Council, the UNICEF, the Motherhood and Child Welfare Fund. The study further shed light on the role of every mechanism, its organizational references, and its pros and cons. The issue of the administrative hierarchy, financial costs, office expenses, and the methods used sometimes hinder its endeavors, but despite this, it has the effectiveness that qualifies it to be effective and has feasible means in protecting children and ensuring their rights, especially during armed conflicts. By following the method of description and analysis of the relevant, procedural and substantive articles of the international instruments, we have reached our main goal of explaining the role of these institutions and their working mechanisms in providing the necessary protection for children and protecting their rights during armed conflicts. Better providing the rights and freedoms of this category of civilians, or forcibly recruited into the armed forces. Through this, we have concluded that the development of what is happening in the field of human rights in general is what led to the transformation towards concern for the rights of this group. International and regional conventions on the rights of the child can be considered as the legitimate general law of their rights. In addition, that international humanitarian law is the legislation that provides the necessary protection for children in situations of armed conflicts, whether internal or international. However, despite all the progress for the benefit of children, and the achievement of tremendous achievements in the fields of protecting children rights, there are violations of the huge numbers of children worldwide, especially through armed conflicts.

State support of JSC “Russian railways”

The main sources of funds for railway investment projects in Russia are still state and regional budgets, funds from the National Welfare Fund, the net profit of Russian Railways, and pension savings from the Pension Fund of Russia. The reform of the system of the Ministry of Railways and the creation of JSC “Russian Railways”, which began in 2016, has not yet released the state budget from financing its needs, and there has been no active use of private investment. Moreover, the monopoly began to seek to shift the financing of not only the modernization and construction of tracks, but even the maintenance of existing infra-structure on the shoulders of the state and shippers. From year to year, there is an increase in the total amount of state support for Russian Railways. Part of the received state support funds in the period under review is spent inefficiently by JSC “Russian Railways”. The remaining budget funds that are not used by JSC “Russian Railways” additionally burden the economy, increasing inflation by various surcharges to tariffs, but the available budget funds are not selected in full, and billions of fines are paid for this. There are low rates of implementation of individual investment projects, overestimation of expenses for the purchase of equipment, an increase in the cost of construction, the cost of contracts for a number of objects exceeds the cost determined by state expertise, etc.

Recovery from the current crisis and development paths of the Russian economy

The report contains proposals of VEO of Russia experts on the restoration of Russian economy and the transition to a dynamic and sustainable socioeconomic development. According to experts it is necessary to double the government’s anti-crisis measures in 2021 and maintain them at this level in the period 2022–2023. An increase of the anti-crisis program could be based on increased borrowing, and partly on the use of funds from the National welfare fund. The report contains measures for restoration of incomes of Russians, first to the level of 2019, and then to the level of 2012–2013 — that is 17% more than in 2020. The necessary structural reforms are listed. The implementation should be started in 2022, when a steady rise in the country’s economy is expected.

PROSPECTS FOR THE ESTABLISHMENT OF A SOVEREIGN WELFARE FUND IN UKRAINE IN THE CONTEXT OF RESPONDING TO THE LATEST CHALLENGES TO PUBLIC WELFARE

Introduction. In modern conditions, the problems of uncontrolled climate change, accompanied by the formation of new challenges to public welfare, become especially acute. The growing human impact on the environment leads to an increase in the number of emergencies, accompanied by a sudden sharp deterioration in the living standards of a large number of people. They also require significant efforts and financial resources to minimize their impact on public welfare. Reserve funds in the budgets are not able to fully meet the need for financial resources to eliminate negative externalities, which raises the question of finding new stabilization tools to address these issues. Methods. The research is based on a dialectical approach to cognition, which ensures its objectivity and complexity. General scientific methods are used in the process of research: analysis, generalization, systematization – to reveal the theoretical foundations of the problem; abstract and logical, argumentation – to develop a conceptual model for the establishment of the National Welfare Fund in Ukraine. Results. It is inserted that in modern conditions there is an increase in the role of sovereign welfare funds and the transformation of views on their purpose. At present, sovereign wealth funds are increasingly seen as a source of solving social and environmental problems. Contradictory attempts to establish special trust funds in Ukraine, which were somewhat similar to sovereign welfare funds, are highlighted. It is substantiated that in Ukraine there are prerequisites for the creation of a sovereign welfare fund, which will have positive economic and social consequences. A feature of the proposed concept of creating this fund in Ukraine is to secure for it the implementation of a program of temporary unconditional basic income, which will minimize the negative consequences of the latest challenges of global development for public welfare. Discussion. Further scientific research of the problem should include substantiation of organizational, legal conditions of functioning of the sovereign welfare fund in Ukraine, assessment of its optimal parameters, development of asset investment policy. Keywords: sovereign welfare fund, social welfare, basic unconditional income, financial resources, extraordinary circumstances.

Sovereign Wealth Funds: Russian and International Experience

Taking the Russian and the International experience, the principal aim of this study is to analyse sovereign wealth funds critically. It remains well known that the Russian National Wealth Fund is vital in the macroeconomic policy of the Russian state. After the abolition of the Reserve Fund in 2018, the Russian National Wealth Fund has to solve a wide range of tasks. In this context, one can argue that the sovereign welfare fund is a specialised monetary fund used to stabilise the state budget when government revenues decline. The welfare fund is also used to finance government needs in the long-term period. The role of sovereign wealth funds is growing in the world. They accumulate large amounts of financial resources. Sovereign wealth funds are founded in such countries where the budget strongly depends on market factors. In most cases, these factors are global commodity prices. The funds’ money is used to cover the deficit of the relevant budget in case of unfavourable market shifts. In the period of high commodity prices, the fund accumulates an excess of export earnings. Against this backdrop, the key purpose of the study is to evaluate the efficiency of managing the National Wealth Fund in the Russian Federation. The study was carried out using the methods of synthesis, analysis, economic analysis, as well as graphic methods, and the methods of comparisons and analogies, which in turn helps in evaluating the extent of efficiency of managing the Russian National Wealth Fund.. The research findings can be used when developing an investment strategy (investment portfolio) of the Russian National Wealth Fund, through which it can aim at balancing the insurance pension system, financing of the federal budget deficit, and co-financing of voluntary pension savings. In this regard, it is imperative for the fund to perform in productive investment activities.

Medical Students’ Perception on Joining Military Medical Services: A Mixed Method Study

Introduction: Currently, in Nepal there are 19 Medical Colleges, most of them under Tribhuwan University and Kathmandu University. Nepalese Army Institute of Health Sciences (NAIHS) is Not-for-profit organization run by Nepal Army Welfare Fund, affiliated to Tribhuwan University. Excluding the medical graduates from abroad there are around 1500 doctors graduating from Nepal every year. After graduation they have the options joining as a Medical Officer in hospitals around Nepal or go abroad. Joining the Military Medical services seems appealing. However the options are broadening with the jobs in the private and other sectors becoming more lucrative. This study attempts to explore the perception of medical students on joining the Military Medical services. Methods: The study was conducted during November 2016 to December 2017 among first and second year MBBS students of NAIHS. Comprehensive information about becoming a Military doctor in Nepal Army Medical Corps was provided. Student perceptions about joining Military Medical Services were studied using the semi-structured questionnaire. Informed written consent was taken from the students for the study. Results: From the total (204) respondents, 64.7% (132) chose to join the Military medical services. Among the responses, serving the nation, job security and opportunity for career development were the most chosen. Reponses like; preferring private practice, less pay/salary, and deployment consideration were the reasons for not choosing to join the Military Medical Services. Conclusion: Job as a Military Doctor seems attractive to majority of the Medical students. Male and Female medical students are equally interested towards becoming a military doctor in Nepal Army.