13:04, 31 August 2022 Page views 662 views

Strong recovery is key task of Russian government

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“The main task now is to take medium-term measures aimed at restoring growth rates,” the head of the Cabinet said. “This requires comprehensive development of all sectors: equity, banking, insurance and pensions.”

“In the context of sanctions and restrictions, its [the Russian financial system’s] serious adjustments are required,” said Mishustin. “First of all, in order to create effective mechanisms that will allow us to provide enough liquidity for our economy, ensure the sustainability of the activities of our companies and entire industries, and preserve jobs.”

The Prime Minister recalled that President Vladimir Putin, in his remarks at the St. Petersburg Economic Forum, emphasized the need to strengthen the financial self-sufficiency and independence of our country. “This is extremely important, because today, both business and citizens are facing difficulties,” Mishustin stressed.

According to him, decisions elaborated together with the central bank have helped now to stabilize the markets and the banking system, reduce inflationary risks, which has a positive effect on the dynamics of consumer demand today.

“In order to improve the availability of long-term resources for business, it is important to enhance trust in sectoral institutions, offer attractive conditions to all investors, both Russian and those from partner countries, with reliable mechanisms for protecting their rights and interests,” the Prime Minister said. “It is also necessary to continuously increase the share of international settlements in rubles with a gradual decrease in the use of currencies of unfriendly countries.”

Among other primary objectives, Mikhail Mishustin mentioned the creation of incentives for investing idle funds in the domestic economy, as well as the development of new reliable investment instruments.