Currency converter
All news
News Search Topics
Use filter
You can filter your feed,
by choosing only interesting

Russian minister urges privatization due to crisis

February 02, 2016, 10:41 UTC+3

Russia’s Economic Development Minister Alexey Ulyukayev said that crisis suggests that privatization cannot wait any longer

1 pages in this article

MOSCOW, February 2. /TASS/. The current crisis economic situation is pushing authorities to carry out large-scale privatization deals. These deals need to be effective and transparent in the falling market, Economic Development Minister Alexey Ulyukayev said Tuesday.

"In 2014-2015, the market fell and continued to fall, while we were waiting for the situation to change. Now we realized that there is nothing else to wait for. The budget situation is very critical, the general turbulence of the financial markets does not give reason to expect some rebound, recovery. Now, the challenge is to hold effective and transparent privatization deals in the extremely unfavorable market," Ulyukayev said.

The minister noted that several years ago the authorities have learned to hold very efficient and transparent privatization procedures in the growing market. In 2011-2013, "brilliant deals by world standards" were held, the official said.

Ulyukayev stressed that he fast-changing macroeconomic reality requires decision-making without panicking.

"Currently we’re facing a fast-changing macroeconomic reality. It’s necessary to take into consideration the changes in our work, not in a panic way but from the viewpoint of mobilization of the resources we have," the minister said, adding that "amid bigger tension it’s necessary to be more targeted."

Accordng to the minister, it is possible Russia’s economy will shift to a moderate recovery in 2016.

"I’m convinced that this year the economy may shift to a moderate recovery," he said on Tuesday.

Earlier Ulyukayev said that according to preliminary estimates Russia’s GDP contraction equaled 3.9% in 2015 while the latest forecast issued by the Economic Development Ministry implied an average of 3.7-3.8% contraction for the year. According to Russia’s state statistics service Rosstat, the country’s GDP dropped by 3.7% last year against 2014.

Currently, the ministry is reviewing its estimates for 2016.

Show more
In other media
Partner News