Putin: Russia finding way out of financial crisis
In a meeting with foreign investors yesterday, Russian Prime Minister Vladimir Putin maintained that Russia is well prepared for the financial crisis and that the country is finding answers to the global challenges. He was praised by the investors.
In yesterday’s Consultative Council on Foreign Investments in Russia, the premier highlighted that Russia over the last ten years has built up major state reserves, enabling the country to a significant degree to alone finance the development of its economy.
He also said that the Russian government is “finding the answers the global challenges”, and called on the review of the world financial system.
At the same time, Mr. Putin admitted that also the Russian economy is badly hit by the world crisis. Over the last years, the credit growth in Russian has increased with record-speed. Only in 2007, the credit growth was 51,5 percent, he said.
Putin and his government has pledged about 200 billion USD in loans and tax cuts, among other measures, to help banks and companies deal with the country’s worst financial turmoil since 1998.
Meanwhile, the foreign investors participating in the meeting praised the government, saying they had faith in the local market, the Moscow Times reports.
-We pledged to the prime minister our ongoing support, James Turley, chairman and CEO at Ernst & Young told the newspaper.
After the meeting, First Deputy Prime Minister Igor Shuvalov told reporters that Putin had assured Shell chief Jeroen van der Veer that investing into the country’s oil and gas sector did not pose any risks for foreigners.
The speech of PM Putin is available on the Russian government website
