Point of View

“The government will certainly continue the necessary anti-recessionary measures, primarily to increase domestic demand and support employment. We will focus on the construction and automotive industries, which were affected the most last year when the crisis was in full swing.”

"Today we should also discuss the draft law allowing us to use a part of the National Wealth Fund-to be precise, to allocate 40 billion roubles from the fund to the Residential Mortgage Agency. I want to remind you that we have planned to allocate an extra 250 billion roubles for the purpose this year. I call on you to make the necessary decisions regarding Vnesheconombank quickly, because the bank must raise 50 billion roubles from its own resources and another 160 billion to ensure the use of pension savings. Experts think these allocations will allow commercial banks to reduce interest rates on mortgage to 10-11%, from the present-day rate of 14%."

"As you know, the Russian government made a decision to continue implementing measures that proved sufficient last year to support the country's real economy and to take additional efforts to support the sector in 2010. Specifically, the measures to support the national automotive industry include allocating budget funds to the purchase of cars that are 10 years and older from members of the public".

"The government export insurance agency is due to start working in 2010. I think its creation has been well timed. During a crisis, we should think about supporting high-tech industries and helping them break into international markets. The agency is charged with promoting domestic high-tech products abroad. To encourage our companies to be more efficient, new technical regulations should be adopted in industry, and modern management methods should be introduced in state-owned corporations and state-controlled joint stock companies."

“We have managed to keep inflation under control. According to preliminary estimates, it will be about 9%. This is a historic minimum to some extent. The exchange rate of the rouble remains stable and predictable, which helps to assure businesspeople and people in general. In a tentative estimate, the GDP will grow by 3% next year.“

In 2009 we managed to avert the threat of a full-scale banking crisis. Yet even though interest rates are going down, we still have a long way to go to make loans accessible to all. We will therefore continue to offer state guarantees to backbone strategic enterprises. That practice should be used to the full.

“It is still too early to give a comprehensive evaluation of our anti-crisis measures. But it is already possible to say that despite all the difficulties, the entire programme of anti-crisis measures has been implemented. I hope that we have gotten through the most intense phase of the crisis, and that economic recovery began in the second half of the year.”

"True, the loans market has contracted. But this trend is being reversed, albeit slowly and gradually. As you know, the Central Bank has already decreased its refinancing rate to 8.75%, which will certainly bring down commercial lenders' interest rates. I think the most important achievement is that our anti-crisis plan has worked. That is the most important result".

"For almost half a year, a new declarative procedure for starting a business has been in place that affects the majority of businesses, including in retail trade, food services, transport, and other consumer services. Unannounced inspections of small and medium-sized businesses without the consent of the Prosecutor's Office have also been prohibited."

"Finally, the budget stipulates an anti-crisis fund of 195 billion roubles which, if necessary, will be used to react promptly to possible problems. In other words, we have an additional "safety cushion" against an extreme situation, if some unexpected problems crop up."