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Russian deputy PM says crisis calls for new reforms

January 22, 12:31 UTC+3 DAVOS
The reforms are to create maximally competitive conditions for business
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Russia's Deputy Prime Minister Yury Trutnev

Russia's Deputy Prime Minister Yury Trutnev

© Sergei Fadeichev/TASS

DAVOS, January 22. /TASS/. The continuing economic crisis in Russia shows that it is necessary to introduce reforms, Deputy Prime Minister Yury Trutnev told the World Economic Forum in Davos on Friday.

"The crisis first of all calls for reforms, and we worked on reforms before that. We want the reforms to create maximally competitive conditions for business," Trutnev said.

He reminded that according to the Doing Business rating by the World Bank, Russia went up from the 120th to the 51st place among countries that introduced the biggest number of effective reforms to improve the business climate.

Trutnev added that it's necessary to step up work in this sphere.

According to Trutnev, Russia's budget should be substantially reshuffled, expenditures need to be focused on investment trends and business support.

"In the current situation I believe it is necessary to reshuffle the budget. Firstly, it needs to be focused on investment trends and business support," he said.

Trutnev noted that the Government discusses the issue. "I think that now we need to simply calculate how much each ruble invested in the economy will give back. If we allocate the budget based on this analysis, I believe that people will understand us, and within two or three years we will create the foundation for the new Russian economy. To be honest, I do not see any other way," he said.

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