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Russia does not need to borrow abroad — Putin

It is noted that provision of the financial sovereignty is among key tasks

NOVO-OGAREVO, December 15. /TASS/. Russia does not need to borrow funds from foreign banks, President Vladimir Putin said on Thursday at the meeting of the Strategic Development and National Projects Council.

"Owing to a strong payment balance, Russia does not need to borrow abroad, does not need to be in bondage," the head of state said.

Provision of the financial sovereignty is among key tasks, Putin noted. The Russian economy has financial resources but their affordability for new economy projects, establishment of high technology plants and manufacturing of products with high added value should be increased, the President said.

"Operations of our financial system must meet demands earlier covered by Western financing sources, including trade and project financing," he added.