Improvements to the system of the balanced social and economic development of a region by regional financial fund

Due to the Decree of the President of the Russian Federation No. 208 as of May 13, 2017 On the Strategy for Economic Security of the Russian Federation up to 2030, the major threats to the Russian economic security are generated by uneven spatial development of Russia, the intensified regional and municipal disparities according to the level and pace of social and economic development. For these reasons, the balanced spatial and regional development of the Russian Federation, the promotion of its unified economic space are the main areas of the state policy on economic security. It is proposed to create regional financial funds that earmark finances for projects depending on the development vector of the region in order to achieve a balance. The fund is financed by the regional budget and regional financial institutions under the guidance of the supervisory board, which consists of the representatives of regional authorities and business community. This innovation is to create a resource (financial) base for the regional development policy, i.e. the implementation of a particular project should meet the concerns of regional development.