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Russia begins recovering from the 'Dutch disease' — Finance Minister Siluanov

March 27, 2015, 13:46 UTC+3 MOSCOW
'Dutch disease' is the negative impact on an economy of anything that gives rise to a sharp inflow of foreign currency
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Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

© Yekaterina Shtukina/Russian government's press service/TASS

MOSCOW, March 27. /TASS/. Russia began to recover from the "Dutch disease", Russian Finance Minister Anton Siluanov said Friday.

"The investments that previously went to the oil industry, are now beginning to decline. And the capital will be directed to other, non-oil industries," Siluanov said. According to him, agriculture is currently receiving significant investments, as well as import substitution industry. "And it is a right thing. This is the main motive of all the changes that are taking place, and we support it as a part of anti-crisis plan," the Minister said.

According to Siluanov, amendments to the 2015 budget suggest decline in investment spending by 246 billion rubles ($4.27 billion), primarily due to capital repairs, construction of individual structures "that are not directly related to the economic growth stimulation."

"Dutch disease" is the negative impact on an economy of anything that gives rise to a sharp inflow of foreign currency. The currency inflows lead to currency appreciation, making the country's other products less price competitive on the export market.

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