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Putin: Authorities will not allow crisis

October 03, 2012, 13:30 UTC+3

Putin also spoke about work done to encourage business activity, trade and investments

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Speaking at the fourth annual investment forum “Russia Calling!” on Tuesday, Vladimir Putin dwelt upon anti-crisis plans. The authorities will be securing themselves against any negative developments in the European and world economies. Putin also spoke about work done to encourage business activity, trade and investments.

“In case of major changes of external conditions, anti-crisis, insurance measures are envisaged in 2013, including mechanisms for redistribution of budgetary appropriations,” the president confirmed. They will be taken only in crisis conditions, although Putin expects that there will be no need for that, the Rossiiskaya Gazeta daily writes. However, in case of an unfavorable scenario, the state intends to exchange federal loan bonds for bank securities. “Besides, additional state guarantees may be offered to companies in certain significant and strategic sectors,” the president believes.

Putin pins special hopes on Russia’s WTO accession which is already fait accompli, the Nezavisimaya Gazeta daily writes. “We see the main guarantee of stability in support for the course towards an economic growth, encouragement of business activity, trade and investments,” the president stressed. Minister for Economic Development Andrei Belousov sees “investment possibilities of the Russian economy” as the main resource, while “the outflow of capital because of a nasty investment climate” as the main obstacle. Belousov counts on ‘road maps’ that are aimed at the reduction of administrative barriers in the economy. The government holds consultations with entrepreneurs to work on them.

Putin also lent an ear to complaints about the shortage of money, the Moskovsky Komsomolets newspaper writes. “If we increase salaries to medics, paramedics and teachers – there won’t be enough money for investment projects,” Tula Region Governor Vladimir Gruzdev said. “Yes, investors did tell me that they were afraid of regions’ default,” Finance Minister Anton Siluanov said. “But this is ruled out,” he stressed. Belousov, for his part, warned against a thoughtless increase of salaries. It is possible only in exchange for the quality of services. For this, staff performance review must be carried out in the budget sector. The implementation of Putin’s election pledge seems to be put off once again.



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