Russia to honor all its obligations despite oil price declines
Arkady Dvorkovich, the presidential economic adviser, has reassured the nation that no problems will arise during the execution of the three-year budget adopted at the end of October, despite the persistent global economic instability. The three-year budget will be executed in full. This is the reason why we have amassed huge financial reserves, therefore, we are not afraid of the probable negative consequences that will accompany a drastic fall in oil prices or the fact that the oil prices have already fallen because we can compensate the losses from such falls in oil prices from our financial reserves. In this way, we shall be able to honor all our budgetary obligations,” Dvorkovich told the Vesti’s news program.
The presidential adviser was commenting on the State Duma’s adoption of a three-year federal surplus budget for 2009-11 adopted on the backgrounds of the global financial crisis, rising volatilities on the world oil markets and huge-capital intensive, long-term developmental programs, including rerouting the national economy onto innovative growth trajectory that have already been endorsed by the government. “All the government’s objectives will remain unchanged. The only thing that we need to change is the rate of doing our work. We need to increase our work speed so that programs earmarked for 2015, or even 2018, can be successfully executed in 2010-2012.”
Dvorkovich advocates for the continuation of the realization of the already endorsed large-scale projects, including ‘the so-called top-priority national projects,’ and other development programs such as the construction of roads, social infrastructural amenities, etc. “It is necessary to allocate sufficient and even more additional resources for these purposes. All these measures will be realized, taking into account our long-term priorities,” he added.
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