MAYOR: Russia is not in need of financing from international financial organizations

MOSCOW, may 12. /TASS/. Russia does not need funding from international financial institutions, said the Minister of economic development of Russia Maxim Oreshkin.

“Financing the Russian economy now as the money is not very necessary, because we have balance of payments in good condition, and capital inflows have, therefore, money as such we do not need”, – he told in interview to TV channel “Russia 24”.

The Minister stressed that the Russian economy does not need funding, but in experience and knowledge, which will then be implemented in various economic fields.

About the rating of the EBRD

Oreshkin also said that Russia will prepare a letter and send to the rating Agency explaining why the rating of the Bank should be lower than AAA.

“We will prepare a special letter, send it to the rating agencies, where carefully explain what the problem is with the finances of the Bank and why he can’t keep the AAA rating,” said he.

Oreshkin stressed that the AAA rating a Bank must have a “sustainable capital base, clear model of development and clear return”. “The departure from Russia is making in all these areas the situation is worse in the Bank”, – said the Minister.

Informed. in a written statement to the annual meeting of the EBRD Board of governors pointed out that Russia considers the actions of the EBRD in relation to her “ethnic discrimination”. In particular, he mentioned the adoption of “political leadership” for the complete cessation with Jul 2014 new investment in Russia.

Russia is a member of EBRD since 1992. In July 2014, the management of the Bank, guided by the political leadership of the Bank’s shareholders from the EU, in connection with the sanctions imposed on Russia adopted a decision on “temporary suspension” of funding for new projects in Russia. All the years of the Russian Federation advocated the resumption of EBRD investments.

Sustainable growth of investment activity in the Russian Federation

Oreshkin noted the sustainable growth of investment activity in Russia from mid-2016.

“There are statistics of import of investment goods, and there are statistics of the production of goods of investment character within the country. We see that these two indicators suggests that investment activity starting from the middle of 2016 has been steadily rising,” said the Minister.

As noted., the growth rate of imports of investment goods in 2017 amounted to “about 30% compared to last year.” “Manufacturing within the country is also positive dynamics is much more modest but also positive,” – said the head of the MAYOR.

However, said Oreshkin, Russia is lagging behind in the issue of infrastructure investment, as in the last two or three years “and at the level of the Federal budget and regional budgets, investment in infrastructure in the framework of the program of fiscal consolidation, have faced very serious cuts.”

The achievement of the inflation target

… Confirmed that the inflation target of 4% will be reached already in may.

“We expect that the level of 4% will be reached already in may. Evaluation at the end of the year do not change. The baseline scenario of 3.8% subject to the weakening of the ruble. Assessments while maintaining a stable exchange rate is about 3%. We are proceeding along the path, which was presented at formation of the forecast”, – said the head of the MAYOR.

According to Oreshkin, optimistic inflationary trend immediately followed by “completely adequate” response of the Central Bank, which has resulted in more aggressive reduction of the key rate.

At the beginning of April. presented an updated macroeconomic forecast for 2017 and the planning period until 2020. The government has considered three options for the forecast is a conservative, baseline and target, and made the basis for the so-called baseline scenario, which envisages inflation in Russia by the end of 2017 at the level of 3.8%.

The ruble

Oreshkin also confirmed the forecast of the exchange rate of the ruble in Russia in 2017 in the range of 62-63 per dollar RUB while maintaining current oil prices.

“At current oil prices, we have the exchange rate should come out somewhere in the range of above 60 rubles per dollar, 62-63 rubles per dollar. Here is the whole story remains,” he said.

Previously, the Ministry reported that it expects a serious weakening of the ruble RUB to 63-64 to the dollar. In the baseline scenario of the macroeconomic forecast to 2020 the MAYOR expects the dollar at the end of the 2017 goal will be 68 rubles, by the end of 2018 and 70.8 RUB In the target (positive) version of the macroeconomic forecast the dollar at the end of 2017 is expected at the level of 68 rubles, by the end of 2018 – at the level of 70.3 RUB.