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PM candidate Mishustin: Russia has enough funds to achieve all goals set by president

Implementation of the social obligations the president named in his State of the Nation Address will require $64.8 bln in 4 years, according to Mishustin
Candidate for the position of Russian PM Mikhail Mishustin Anton Novoderezhkin/TASS
Candidate for the position of Russian PM Mikhail Mishustin
© Anton Novoderezhkin/TASS

MOSCOW, January 16. /TASS/. Candidate for the position of Russian PM Mikhail Mishustin stated during a plenary session of the Russian State Duma on Thursday that Russia has sufficient funds to achieve all goals set by President Vladimir Putin.

"Due to macroeconomic stability and budget surplus, we have sufficient funds to implement all goals set by the president starting in January of this year," Mishustin said.

Commenting on the contents of the presidential address, Mishustin noted that it should be considered as a program of social justice based on traditional values and directed at people. "Caring for children, family, increasing their prosperity and quality of living takes priority," he said.

Mishustin stressed that it is necessary to prepare all legislation on these matters in a careful manner. The PM candidate added that work on the legislation had already begun in tandem with the parliament. He expressed hope for the Russian State Duma’s support.

Implementation of the social obligations the president named in his State of the Nation Address will require 4 trillion rubles ($64.8 bln) in 4 years, according to Mishustin. 

"Today I held all consultations with Finance Minister Anton Siluanov. Of course, there are funds that were indicated in the address. For this year is about 450 billion rubles ($7.3 bln), the four-year plan needs about 4 trillion rubles," he said.

According to Mishustin, the funds will be appropriately redistributed within the budget, but will not affect any obligations of the federal budget and regional budgets.

"As for resources, they are fully available, all these decisions must be made and start working right now, from the beginning of the year, so in this sense I want to assure you that work is already underway and I hope for your support," he stressed.

Investment climate

Mishustin has pledged to improve investment climate and ensure long money for the Russian economy.

"The so-called ‘long’ money is required for a stable investment inflow, for economic growth. That is one of the Central Bank’s most important tasks. The government’s financial and economic bloc will, of course, provide support and actively participate in it as previously," he said.

Russian president "has instructed the government with being in the forefront of the country’s development, ensuring economic growth, creating new jobs," Mishustin said, adding that "it is the cornerstone of efficient social policy and, of course, the country’s social development will be stuck without high economic growth rates."

"It is also important to improve business climate for people doing business, including young people, to feel secure and protected, able to develop business, create new jobs, raise salaries," he noted.

Military industrial complex

Building up the military industrial complex will be a top-priority issue in the government’s work, Mishustin said.

"The money and resources earmarked for the National Projects, must work primarily for the Russian economy, and first and foremost go to the development of domestic machine building, and other hi-tech industries," he specified.

"Enterprises that already make such products, are successfully operating in the Russian military industrial complex. Developing it further is a top-priority issue for us, without a doubt," he added.

According to Mishustin, amid the stabilization of the state defense order, it is especially important to improve and stabilize the financial situation of defense establishments, actively diversify military industrial complex enterprises and increase the output of research-intensive civilian products."

Agriculture exports

Mishustin has set the task of increasing Russia’s agriculture exports.

"We have achieved quite strong results in that field over the past several years. We have almost fully ensured the country’s food security," he said.

"Currently the key task is to increase the potential of agriculture exports further on, and not only of grain, but also of other farming and livestock products," Mishustin added.


Inflation in Russia should be kept at the level of 4%, Mishustin said.

"Certainly, we need to maintain macroeconomic stability in order to achieve goals named [by the Russian President in the State of the Nation Address - TASS]. It means to accumulate extra revenues to discharge assumed obligations, clearly prioritize budget expenditures and keep inflation within predetermined parameters - not above 4%," he said.

Technology development of economy

Mishustin intends to stimulate technology development of the national economy.

"Stimulation of technology development of the economy. We should endeavor to make a real breakthrough in digitalization of the real sector," Mishustin said at a plenary session in the State Duma, the lower house of the Russian diet. "Certainly, this should take place on account of the Digital Economy National Project, proactive introduction of domestic developments and domestic software," he said.

Mishustin also said that he intended to help Russian companies promote Russian digital platforms on foreign markets and develop them domestically.

"Russia has wonderful solutions and its own platforms, it is very important in this sense to help our smart people who create these digital platforms, and to help with export, in general, to determine areas where we can push and where we can develop," Mishustin said.