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Economic development ministry to revise 2012 investment forecast

March 14, 2012, 14:43 UTC+3

Nabiullina said that capital outflow from Russia in February reduced in contrast to January

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SKOLKOVO, March 14 (Itar-Tass) —— Russia’s Economic Development Ministry is going to reconsider its 2012 investment forecast in the wake of the presidential election, Economic Development Minister Elvira Nabiullina told the media on Wednesday.

She said the ministry “will reconsider the investment forecast by and large, and it will present the document to the government in early April, when all estimates have been specified.”

“We shall adjust our estimates for 2012,” Nabiullina said, adding that the working estimate was already available, but specified statistics would arrive in early April.

Asked if the capital flight situation changed for the better after the end of the presidential election race, Nabiullina said that “this factor is a bygone.”

However, she added that “there are other factors, there are situations on the world financial markets, investors by and large estimate the risks of the developing markets, and our task is to make the investment climate attractive, to reverse the influx of capital.

Nabiullina said that capital outflow from Russia in February reduced in contrast to January. Asked if it was true capital flight from Russia in February reached 11-12 billion dollars, Nabiullina replied “the Central Bank’s estimate is a bit lower.”

“The outflow is lower and according to our estimates it is smaller than January’s. The outflow of capital eased,” he said.

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