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PM Medvedev wants Russia to achieve GDP growth higher than that of global economy

One of the mechanisms to achieve this goal is the maintenance of favorable macroeconomic conditions, according to Medvedev

Russian Prime Minister Dmitry Medvedev Alexandr Astafiev/Russian government's press service/TASS

Russian Prime Minister Dmitry Medvedev

© Alexandr Astafiev/Russian government's press service/TASS

MOSCOW, September 8. /TASS/. Russian Prime Minister Dmitry Medvedev set the task for Russia to achieve GDP growth rate which is high that the growth rate of global economy.

"The task is to reach the growth rate which is not only comparable with the world average, but also exceeds the global growth rates, and we have mechanisms to achieve this goal," he said, speaking at a plenary session of the II Moscow Financial Forum.

According to him, one of such mechanisms is the maintenance of favorable macroeconomic conditions, first of all, the record-low inflation for Russia, as well as a moderate and gradual decrease of the budget deficit.

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The head of government noted that the draft budget for the upcoming three-year plan is almost ready. He promised that its balance will improve, as well as resistance to risks, and spending of reserves will decrease. In addition, the government is trying to reduce dependence on fluctuations in world oil prices. For this purpose, a new budget rule was set.

The prime minister also thanked the Finance Ministry employees for their work on the draft budget.

"This is always a very difficult job in any country and in any situation," Medvedev said.

The fiscal or "budget" rule is the mechanism of formation of Russia’s budget. It determines the maximum level of spending on the basis of oil prices. The aim of the rule is to make the budget less dependent on market revenues. The essence of the rule is that additional revenues that are raised from sale of oil and gas should be transferred to the Reserve Fund. Such additional revenues emerge in case when the actual price of oil exceeds the price in the forecast.

After a sharp decline in oil prices the fiscal rule did not work and the government decided to suspend its application. But in November 2016, Medvedev said he finds it reasonable and necessary to form the new budget rule.

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