Mishustin announces liquidation of eight Russian development institutions
© RIA Novosti. Dmitriy Astakhov

Mishustin announces liquidation of eight Russian development institutions

Prime Minister Mikhail Mishustin announced the government’s plans to reform the system of development institutions. Under the plan, the government will redistribute the functions of eight development institutions between VEB.RF and federal executive bodies, and liquidate the institutions.

For example, the Development Foundation for the Far East and the Arctic, the Human Capital Development Agency in the Far East and the Arctic, the Special Economic Zones company and the Monocities Development Fund will be liquidated.

“In line with the president’s instructions, the government will optimize the development institutions, so that they are fully able to work toward achieving the national development goals set by the presidential executive order,” Mishustin said at a meeting on current issues with his deputies. 

In addition, the Russian ICT Development Foundation, Rosinfokominvest, the Agency for Technical Development, and the Far East Investment and Export Agency will be subject to liquidation.

The prime minister also proposed transferring the Corporation for the Development of Small and Medium Enterprises (SME), Rosnano, the Russian Export Center, the Export Insurance Agency of Russia (EXIAR), the Skolkovo Foundation and three more foundations under the management of the VEB.RF development corporation. 

“Doing this will reduce duplicate functions and establish five large development institutions,” the prime minister noted.

Earlier Mishustin announced the launch of a state management system reform, which, among other things, envisages decreasing the number of officials by 10 percent.