Siluanov: the budget and economic policy of the Russian Federation is the confidence of foreign investors


MOSCOW, November 3. Russian fiscal and economic policies inspire confidence of foreign investors, some of them returned to Russia. This was announced by the Minister of Finance of the Russian Federation Anton Siluanov at the meeting of the state Duma Committee on budget and taxes.

“The current budgetary, economic, financial policy inspires confidence among investors. Many foreign including, investors are returning to markets (Russian Federation)”, – he said.

Earlier, the Minister of economic development Alexey Ulyukaev declared that sees the signs of the completion of the investment pause and believes that the state needs to cease “to be cautious” in taking on investment risks.

According to him, investors need to help to make a choice and show that its risk is not excessive, the state is also willing to take risks.

“The budget and monetary policy are linked, they are synchronized for the next year and the budget policy allows the CBR to cut key rate”, – said Siluanov.

Earlier the Ministry of Finance have repeatedly noted that the 2016 budget is anti-inflationary in nature. According to the forecasts included in the budget, inflation in 2016 will be at the level of 6.4%. The Ministry of Finance and the Ministry of economic development agree that in the medium term, inflation in Russia may drop to a level target at 4%.

On the capital outflow

Capital outflow from Russia in 2015 will be about $70 billion, said Siluanov.

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“We find that among investors improves the credibility of the budget policy, reduced capital outflows. In the beginning of the year, we estimate, were about $130 billion In the third quarter was net capital inflow of $5.3 billion,” – said Siluanov.

Earlier today, a similar forecast of capital outflow following the results of the current year was announced by the head of the Central Bank Elvira Nabiullina. According to her, the Bank of Russia decreased the forecast on capital outflow in 2015 to just over $70 billion instead of an earlier projection of $85 billion. Adjustment of forecast due, including the positive data of the third quarter of 2015.

About the Chinese economy

The Chinese economy can repeat the Japan scenario of deceleration of the GDP, there are some risks, said the Minister of Finance.

“We see that the Chinese economy can repeat the trajectory of the Japanese economy, which has also evolved with the trend of increasing state corporate debt. Ultimately, the increase in debt simply slowed Japan’s economic growth”, – said Siluanov.

The achievement of the “bottom” of falling economic growth

According to Siluanov, the Ministry of Finance expects reaching the “bottom” of the fall in the rate of growth of the Russian economy in IV quarter of 2015.

“Early next year we will see positive economic growth”, – said Siluanov.

Earlier the Minister of economic development Alexei Ulyukayev said that the peak of the crisis in Russia was achieved in the summer, but the economy will recover slowly. According to the head of the Ministry of economic development, the recovery growth of the Russian economy will begin in the second quarter of 2016, next year GDP will grow by 0.7%.

Frozen pension savings

The reserve budget from a frozen pension savings should be spent only “for particularly important decisions, Siluanov said.

“We need to be careful to reserves next year’s budget”, – said the Minister. He recalled that in the budget for 2016 such reserve two: 342 billion pool of retirement savings, “if they spend, it is only for particularly complex, important decisions”, and the second reserve – to support sectors of the economy by 65 billion.