Russia has more than sufficient reserves to overcome current crisis

Author: Inga Friedelhaus Section: Major Events of the Month

Issue: July 2009, Vol. 4, No. 6

Tags: Shuvalov

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Stock of Strength 

Speaking at the Petersburg economic forum, Russia First Deputy Premier Igor Shuvalov made a series of statements directed at strengthening leading domestic and foreign investors’ faith in the Russian economy, despite the growth in capital flight and reduction of export revenues, caused by the unprecedented recession in global business activities.

“Russia has more than enough financial reserves to go through this crisis unharmed, despite the loss of a significant part of revenues from the falling prices on its basic export goods,” he added. “Besides, we are conducting prudent fiscal and budgetary policies.”