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RUSSIA'S ECONOMY

Minister compares current situation in Russian economy with US economy in 1980s

According to the Russian economic development minister, the general level of the debt burden in the Russian economy is rather low

MOSCOW, September 19. /TASS/. Russian’s Economic Development Minister Maxim Oreshkin compared the current situation in the Russian economy to the US economy in the first half of the 1980s. That is according to the documents of the ministry’s press service obtained by TASS.

"Maxim Oreshkin compared the current situation in the Russian economy to the point of development of the US economy in the first half of the 1980s when low and stable inflation was achieved in the US and this opened the way for a positive credit cycle that lasted 27 years," the document says.

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The documents were released after a meeting of the Foreign Investment Advisory Council (FIAC)

According to the minister, now the general level of the debt burden in the Russian economy is rather low, and one can expect a long credit cycle.

"It is up to the government and the Central bank to make the credit cycle positive for economic growth, which means focusing more on corporate and investment lending, development of tools such as mortgage," Oreshkin said.

He recalled that the Russian government is already implementing a number of measures aimed at supporting investment development. This is, in particular, a new program for project financing and the "infrastructure mortgage" program, which aims to increase and support private investment in infrastructure.

"The combination of the loan cycle, the support of investment in infrastructure, the growth of stability and predictability from both the macroeconomic and microeconomic sectors all combine to create a solid foundation for sustained economic growth," Oreshkin added.

The Foreign Investment Advisory Council (FIAC) has been operating since 1994 and unites 54 major foreign companies from 18 foreign countries. The main task of the council is to assist Russia in the formation and development of a favorable investment climate based on the use of global experience, as well as the experience of international companies in Russia.

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