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Alexei Kudrin: Russia is in crisis for long

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Alexei Kudrin: Russia is in crisis for long

In the nearest 20 years the Russian ruble will not only be a reserve currency but also regional.

Alexei Kudrin, the ex-Minister of Finance, shared this opinion and proposed possible ways to solve this problem, reports “New Region”.

A few steps which he considers to facilitate the stabilization of economic situation in the country are as follows: return to pension savings, moratorium on tax increase, providing additional funding for the regions.

But the ex-Minister is assured that only in case these propositions are taken simultaneously they will work. Also Kudrin emphasized that it was necessary to overview the program agenda as “the lobbying way of distribution of backup resources could not resolve the problem”. According to him it is out of sense when a company asks financial assistance at the National Wealth Fund (NWF) at the price of $80 per barrel. Kudrin also proposed to bring positive changes to the system of public administration.

The ratings in Doing Business, he writes, show that Russia takes the first position in the list on ineffective public management in economics. Kudrin guesses that the full reconfidence of the citizens in business and economics should be the main change.

“South Korea, Singapore and China are the three examples when authoritarian powers have reached positive results. But these are Asian ways of reformation. And Russia likely belongs to the European culture”, states Kudrin.

Photo: ITAR-TASS

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