Russian finance minister sees high risk of global economic recession

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Russian First Deputy Prime Minister and Finance Minister Anton Siluanov

Russian First Deputy Prime Minister and Finance Minister Anton Siluanov


© Sergei Bobylev/TASS

WASHINGTON, April 13. /TASS/. The risks of another global economic recession remain very high, and Russia needs a strategy to counter that, Russian First Deputy Prime Minister and Finance Minister Anton Siluanov has said.

“The risks of an upcoming global recession are very high,” he told reporters on the sidelines of the annual International Monetary Fund and World Bank meeting in Washington. “We need to start implementing national projects as soon as possible, to introduce as many measures as possible to liberalize our economy… This is our agenda for now.”

The Russian official said that investors had a good opinion of the Russian economy, due to a solid macroeconomic basis.

“This is exactly what we need to do in response to all possible limitations. We are ready for a change in global energy prices – we have prepared the budget, the reserves, the balance of payments. We have created this kind of system.”

According to Siluanov, foreign investors are concerned by the possibility of new sanctions against Russia, including in the banking sector, but they still view Russian economy as a stable one.

“We have held a meeting with investors, they say that they understand the Russian economy, that everything is stable and transparent, except [future] sanctions. They asked questions on what happens if more sanctions follow, what would the government and the Central Bank do if the package of measures on sanctions against banks is passed,” the Russian finance minister said, adding that he assured the investors that Russia has a ‘Plan B’ for this scenario.

Besides, the Russian government and the Central Bank have instruments of support for all clients of state banks, including an opportunity to ensure cash and non-cash transactions both in dollars and in a national currency, he said.

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