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LONDON, May 21 (Itar-Tass) - A key role in Russia’s economic growth should be played by private rather than government investments, Russian former Finance Minister Alexei Kurdin said on Tuesday at the Russia Calling! Investment conference organized here by one of Russia’s biggest banks, VTB.
Another key step, in his words, is to establish a federal financial agency that will be in charge of fiduciary management of the Reserve Fund and the National Welfare Fund and will manage the public debt.
“I have been always aloof about state-run institutions of development,” Kurdin said. “Key factors of the present-day development are the private sector and investments.”
“It will be the investment climate and private investments that are to play a decisive role. The government has adopted a number of roadmaps to improve the investment climate. But they are not implemented well enough. I think this is where the government should concentrate its efforts,” he stressed. “Russia needs a financial agency. It is a general international practice to manage resources.”