Medvedev: Russia is able to balance the structure of the economy

Medvedev: Russia is able to balance the structure of the economy

MOSCOW, 11 February. Russia is able to balance its economic structure and foreign trade, reducing the share of hydrocarbon revenues to one-third of total revenues. This opinion was expressed by Prime Minister Dmitry Medvedev in an interview with German newspaper Handelsblatt.

“Basically, I think that we can bring the balance of the revenues of our budget to a point where we have, for example, a third will be formed from hydrocarbons, while two – thirds of trade and industry, high technologies, agriculture, defense. It will drastically affect everything, including the ruble,” he said.

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He noted the current strong volatility of the ruble, significantly dependent on oil prices. “But we certainly would like to see our rate of the ruble was not so dependent on oil prices, as, for example, rate (currency) of the European Union. He is not dependent on one industry or one country. It is still dependent on the economies, it is dependent not only on Germany but also, for example, from Greece, but these factors cancel each other out. The result is a fairly balanced course,” – said Medvedev.

Speaking about diversification of the Russian economy and reducing its dependence it oil prices, the Prime Minister said that the Cabinet it strategic direction. However, the results of this work are not apparent quickly.

“People often ask me: you have many years in power, and President Putin, and you almost have the same results, and why the structure of the economy has changed? But it does not change for 15 years, well, it is impossible to change. It was created 50-60 years. It is not done thus, and especially in the period when, in fact, two of the crisis we are experiencing. But this structure still changing,” – assured the Prime Minister of the Russian Federation.

Medvedev has told that in crisis the Russian government is working on a plan of measures to support the economy, which implies the support of those industries, “which picked up the pace, and if they stop, it will be very bad”: agricultural engineering, transport engineering, auto industry, agriculture, high technologies. In addition, the plan contains measures to support the labour market, as well as a number of social measures, “to the most vulnerable segments of the population lost as little as possible”.

Read the whole interview