Medvedev: sanction-hit Russia must develop own long-term funding

MOSCOW, Mar 3 (PRIME) -- Russia must develop its financial instruments in order to make long-term financing available on the domestic market, because the country has almost no opportunity to borrow abroad, Russian Prime Minister Dmitry Medvedev said at a meeting with the government on Thursday.

“A modern capital market is a precondition for development of the economy. Today, when we have almost no access to Western funding, it is particularly important to have local fundig, and stimulate long-term financing,” he said.

Priority projects include modernization, establishment of new production, small and middle-sized companies and lending to them, Medvedev said.

The Russian government plans to develop corporate management of joint-stock companies, debt and stock markets, and take steps to protect minority shareholders, the prime minister said.

The central bank and the government must also take steps to strengthen public confidence in the financial system and to increase the financial literacy of the Russians, he said.

Medvedev ordered to develop a range of financial measures and submit them to the government by May 30.

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