Kudrin allowed the growth of incomes of the population this year
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The financial system of Russia is strong enough to fulfill all the social obligations of the budget, informed Head of the Accounts Chamber of the Russian Federation Alexei Kudrin. According to him, the government, despite the crisis, is able to ensure the growth of incomes of the population.
“It is absolutely possible to fulfill social budget obligations, including indexed ones. We have a fairly strong financial system for this,” Mr. Kudrin said during the Moscow Financial Forum.
According to the head of the Accounts Chamber, the Russian authorities will be able to ensure a steady growth in real disposable incomes of the population even in the current “crisis year”. “In a crisis year, in any case, there may be a loss of real income – a crisis, unfortunately, is more difficult to survive, but in the medium and long term we must and can ensure a steady growth in real income,” said Alexei Kudrin.
He also expressed hope that the free convertibility of the Russian ruble would return and that it would become more attractive for international payments. “Our Russian currency was convertible from 2006 to 2022, now we have essentially suspended the convertibility of the Russian ruble … It is very difficult to become an attractive currency for settlements without being convertible, but it’s even better if the currency is a reserve one. There are only 22 convertible currencies in the world, and there are even fewer reserve ones – that is, those that are accepted for settlements without any special questions, ”said Mr. Kudrin. According to him, Russian exports and imports are estimated in dollars by more than 50%, and about 30% more – in euros. “It is very difficult for us to replace this with other currencies, including softer ones, the Russian ruble, and even the yuan. Because when buying technology that is critical for us, we will not always be able to pay even with the yuan,” he said.
Formerly in the Ministry of Finance reportedthat the Russian economy was able to resist sanctions pressure thanks to a balanced budget, a floating exchange rate and an inflation-targeted policy pursued by the Central Bank.
On April 10, the World Bank predicted a decline in the Russian economy by 11.2% in 2022. On April 12, the head of the Accounts Chamber, Alexei Kudrin, announced a possible drop in GDP for the current year by more than 10%.
Read about other estimates of the Russian economy in the material “Kommersant” “Forecasts diverged in scenarios”.
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