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Russia to "stick to" economic policies to survive Western sanctions

English.news.cn   2014-05-22 22:41:28

SAINT PETERSBURG, May 22 (Xinhua) -- Russian Finance Minister Anton Siluanov said Thursday the best way to survive Western sanctions is to stay consistent with already-implemented economic policies, as well as stimulating economic structural reform.

Calling Russia's current economic situation "considerably complicated," Siluanov cited the restoration of investor confidence as one of the priorities.

"The most important thing is to stick to the economic policies which have been implemented in (recent) years, and not to loosen the fiscal policy," he told reporters at the 18th St. Petersburg International Economic Forum, a leading annual economic event in Russia.

He said the government will not apply extra restrictions to the credit business, nor raise taxation. Meanwhile, Russia will stimulate economic structural reform and create favorable conditions for the development of enterprises.

"Currently, we have noticed signals of economic improvement, the ruble has been appreciating, and the capital outflow has been slowing," he said, adding Russia may see capital inflow in one or two months.

"Thus, I see no grounds to discuss the change of currency policy," the minister said.

The Russian economy has been struggling to maintain its growth amid domestic difficulties and outside pressure, partially from several rounds of sanctions imposed by the United States and the European Union over Moscow's position on the Ukrainian crisis.

The International Monetary Fund said last month the Russian economy had slid into recession, while the the country's Ministry of Economic Development estimated seasonally adjusted gross domestic product in the first quarter of 2014 dropped 0.5 percent year-on-year.

Editor: Mu Xuequan
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