PM: Russia should ensure stability of financial system

MOSCOW, Apr 14 (PRIME) -- The West is unlikely to ease its pressure on Russia making maintaining stability of its financial system important, Prime Minister Mikhail Mishustin said on Friday during a joint session of the Finance Ministry and Economic Development Ministry.

“It is obvious that it is important to maintain stability of the financial system in spite of the actions of the unfriendly countries. It is obvious that pressure on our country is unlikely to ease,” he said.

The government will maintain the current priorities in financing, and focus on the security, social support, technological development, and integration of the new regions, he said.

The authorities should not only ensure higher ruble borrowing, but also replace foreign capital that has left the country everywhere where possible. At the same time, Russia is a market economy, and should improve the institutions. Russia remains open for investors, he said.

The government should also improve efficiency of budget spending.

“Last year, the state supported investment to a high degree. But now we have to make more effort to expand private initiatives. The federal and regional authorities should not replace the business,” Mishustin said.

He also called for the authorities to continue cutting the administrative burden of the businesses.

The government is finalizing creation of a program for promoting long-term savings of Russians. Its implementation should expand opportunities of Russians to get income, provide more resources for promising business projects, and improve the investment potential of regions, he said.

But there are some sectors of the economy where private investors would not be able to afford projects on their own, like the aviation industry. The government should remain the main supporter of the aviation sector, he said.

Mishustin also said that the government expects the budget to meet parameters of the budget rule before 2025.

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