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Acting President Vladimir Putin and Bashkiria’s President Murtaza Rakhimov signed an agreement on financial rehabilitation measures and terms of rendering financial assistance to the budget of Bashkortostan.

The document regulates the relations between the two budgets (federal and republican), the transition to crediting of all taxes to the federal budget in Bashkortostan in accordance with the Russian laws, and the funding of federal programmes in the republic.

In particular, the document sets measures to ensure timely payment of wages to public sector employees and gradual settlement of child benefit arrears, full settlement of public services costs, including energy supplies and heating for the public sector enterprises funded out of the republican budget.

The agreement also formalises the creation of the federal treasury subdivisions in Bashkortostan. In the past the republic kept a portion of the federal taxes collected to fund federal institutions and implementation of federal programmes directly, but with the opening of a federal treasury subdivision in the republic there would be no such need.

The agreement takes force upon its execution. In the near future the Russian Finance Ministry and Bashkiria’s Government will work out and agree a schedule of activities to implement it.