Regulation of the Reserve Funds Formation and Use: The Experience of BRICS and CIS Countries

The paper analyzes the legal regulation of the main options for forming and using state financial reserves in the Russian Federation and in BRICS and CIS member states against the backdrop of expanding economic and financial ties with countries in these groupings. The Russian Federation applies international experience in creating state financial reserves, using the principal models of fund creation; in domestic practice, all examined funds are budgetary and have legally defined sources of formation and directions for use. The analysis shows that reservetype funds formed in BRICS and CIS countries differ in their sources of funding, purposes for using the funds, and methods of management. A state may legally provide for the formation and use not only reserve funds but also other funds (most often stabilization funds) that are primarily formed in response to market conditions; in such cases, these funds function as reserves of a public-law entity. Reserve funds in the narrow sense are formed to address extraordinary, non-budgeted tasks. In CIS member states such budgetary reserve funds are used more actively than in BRICS countries, and accordingly their statutory regulation tends to be more detailed and elaborated.

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