IMF says macroeconomic situation in Russia stable

WASHINGTON, Nov 21 (PRIME) -- Russia’s economic situation is stable in spite of sanctions and internal structural limitations, James Roaf, head of the International Monetary Fund’s (IMF) mission that visited Moscow and Kaluga from November 13 through Wednesday, said in a statement.

The economic situation in Russia can be characterized by a stable macroeconomic framework given the fact that inflation is under control and confidence in the exchange rate. Structural restrictions and foreign sanctions lead to uncertainty of businesses and limit foreign and domestic investment, according to the statement.

The IMF’s mid-term forecast says that the growth of country’s gross domestic product will remain at 2% or lower in the next few years.

The fund also recommended that the central bank continue its policy on cutting interest rates, and recommended that the government work out additional budget measures favorable for economic growth.

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