The Supreme Council began work on the law on the Capital Investment Fund

A group of parliamentarians submitted law-in-draft “On the Fund for Capital Investments in the Pridnestrovian Moldavian Republic” to the Supreme Council for consideration. In it, the deputies plan to legislatively establish the rules for the functioning of the Capital Investment Fund, the sources of its formation and implementation mechanisms, the rights and obligations of state customers of the objects of the Capital Investment Fund.

The authors of the law-in-draft were deputies of the relevant Committee on Economic Policy, Budget and Finance Viktor Guzun and Vadim Kravchuk and Chairman of the Committee on Agroindustrial Complex Oleg Leontiev. As Viktor Guzun noted in his report, when presenting the law-in-draft, the document was created taking into account the fact that the Capital Investment Fund has been successfully operating in the republic since 2018. The directions of its work are annually planned in the law on the republican budget. The costs of major repairs, reconstruction and construction of infrastructure facilities of the republic are prescribed both in the composition of the republican and in the composition of local budgets. However, the legislation does not currently regulate the amount of funds that can be used to finance work under the Capital Investment Fund. Deputies propose to fix the amount of up to 2% of GDP and prescribed other important, in their opinion, points.

Chairman of the Government of the Pridnestrovian Moldavian Republic Alexander Rosenberg, who took part in the meeting of the Committee, noted that the position of the executive authority is positive. There are comments that the parties will work on as part of the preparation of the law-in-draft for the second reading. The Government considers that in general the activities of the Investment Fund as a whole need to be streamlined and “we recognize this need,” Alexander Rosenberg added.

Thus, representatives of the Ministry of Finance noted that as part of the adoption of the law on the activities of the Capital Investment Fund in the course of the meeting of the Committee on Economic Policy, Budget and Finance, it will be necessary to adjust the law on the budget system in terms of reporting, since the Fund will be permanent. The Ministry of Finance and the Ministry of Economic Development drew attention to the fact that the new law must take into account the need to eliminate emergency situations and unplanned minor repairs. The authors of the legislative initiative agreed that this is necessary. Amendments to deputies will be presented as part of the preparation of the law-in-draft for the second reading. The law-in-draft will be submitted to the plenary session in the first reading in the near future. It is planned that it will be adopted as a law before drafting the budget for next year.