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PM Medvedev says Russia should maintain moderate debt burden, quotes Benjamin Franklin

April 14, 2015, 14:09 UTC+3 MOSCOW

The prime minister also stressed the importance of boosting budget spending, referring to Benjamin Franklin's quote about not spending money on what you don't need

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Russian Prime Minister Dmitry Medvedev

Russian Prime Minister Dmitry Medvedev

© Dmitry Astakhov/Russian government press service/TASS

MOSCOW, April 14. /TASS/. Russias should maintain a moderate debt burden, Prime Minister Dmitry Medvedev said at a meeting with the Finance Ministry.

"One of the stabilizing factors is a moderate debt burden. We have to maintain this competitive advantage, this opinion is shared by all analysts," he said. In particular it is important to boost investment and labor productivity. "Only then, with those tasks in mind, can we achieve economic growth in the mid-term perspective," Medvedev noted.

He also stressed the importance of boosting budget spending, quoting Benjamin Franklin: "Buy what thou hast no need of and ere long thou shalt sell thy necessities". So the Prime Minister says "Every ruble should be spent utmost effectively".

Russian authorities must maintain balanced budget in current economic situation

Even in the current difficult economic situation the Russian government should maintain a balanced budget and reserve, PM Dmitry Medvedev said.

"The Finance Ministry is responsible for implementing the state policy in the financial sector, the Ministry’s goals for the next year are connected to the effective implementation of this policy," Medvedev said.

Medvedev said that "ensuring the budget system stability and maintaining a sufficient level of fiscal reserves" was one of the main goals of the Finance Ministry for 2015. "Even in the current difficult situation we need to maintain balanced and stable budget, and timely respond to arising challenges and risks," the Prime Minister noted.

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