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Russian new deputy finance minister to continue policy of his predecessor — experts

February 10, 21:19 UTC+3 MOSCOW
Head of Department of long-term strategic planning of the Finance Ministry Vladimir Kolychev has been appointed as new Deputy Finance Minister
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MOSCOW, February 10. /TASS/. Head of Department of long-term strategic planning of the Finance Ministry Vladimir Kolychev has been appointed as new Deputy Finance Minister, an official with the Ministry said.

As Deputy Minister, Kolychev will be in charge for long-term budget forecasts, analysis of risks of budget system and issues of monetary and macroeconomic policies. Earlier these issues were supervised by Maxim Oreshkin who became Economic Development Minister in November 2016.

Experts note that appointing Kolychev as Deputy Finance Minister after Oreshkin is a logical decision and it shows that the policy of the Finance Ministry in macroeconomic forecasts will not change.

According to Natalia Orlova, chief economist at Alfa Bank, this is an expected appointment.

"After Oreshkin was appointed as head of Economic Development Ministry there were two expectations: either Kolychev will follow Oreshkin and go to the Economic Development Ministry, or he will become Deputy Finance Minister. In general we can say that this appointment is logical and in line with previous assignments," she told TASS.

The expert recalled that Kolychev and Oreshkin had similar starting positions - they both worked in the investment banking industry.

For example, they both worked in Rosbank. Kolychev from 2005 to 2013 as an analyst, senior manager, head of the research and analysis department, and Oreshkin from 2006 to 2010 - as a senior manager and managing director.

Moreover, in 2012-2013, Oreshkin was chief economist for Russia at VTB Capital, and Kolychev held this position in 2013-2015.

"The role of Oreshkin at the Finance Ministry mainly implied working with investors and rating agencies, in this respect we can talk about continuity," Orlova said. However, she said that the question of how fruitful cooperation of the two ministries (of Finance and Economic Development) will be is still open, despite the fact that Oreshkin with Kolycheva were "a team."

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