A mission from the International Monetary Fund, headed by Antonio Spilimbergo, visited Moscow from Dec. 4-10.
The visit included a meeting with the Finance Minster Anton Siluanov, Bank of Russia Governor Elvira Nabiullina and other senior officials, business community representatives and academics.
The meeting ended with a statement from Spilimbergo in which he spoke on the continued slowing of growth in the midst of inflation, which remains above target. Spilimbergo expects GDP growth in 2013 to pick up slightly in 2014, while inflation is projected to stay above target.
Spilimbergo said that the fiscal policy has been well supported by the fiscal rule, though it still has some weaknesses. In 2013, it is projected that there will be weaker revenues overall and lower-than-budgeted privatization receipts, which would preclude transfers to the Reserve Fund in 2013. The budget, though, seems insufficiently ambitious for 2014-2016.
Spilimbergo said that the primary focus of the monetary policy should be on reining in inflation while also promoting greater exchange rate flexibility and that moves to address risks in the financial sector would be welcome.
Spilimbergo also said that he views structural reforms as a critical element in enhancing Russia's growth potential.
Organizations in this Story
Want to get notified whenever we write about International Monetary Fund ?
Next time we write about International Monetary Fund, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.Sign-up for Alerts
- FIRST UKRAINIAN BANK - UKRAINE: FUIB doubled sales of OSAGO insurance policies
- CENTRAL BANK OF AZERBIJAN: On holding auctions on attracting funds by the Central Bank
- UNICREDIT - AZERBAIJAN: UniCredit launches first ETFs combining factor strategy with ESG criteria on European equities
- THE BLACK SEA TRADE AND DEVELOPMENT BANK: AIIB, EBRD and BSTDB co-finance expansion of Turkey’s largest geothermal power plant
- GOVERNMENT OF BELARUS: Lukashenko: Belarus wants to deepen economic ties with Latvia
- GOVERNMENT OF ARMENIA: Open Government Partnership Initiative Working Group Holds Meeting
- EUROPEAN INVESTMENT BANK: France: Derichebourg receives EIB financing of 130 million euros under the Juncker Plan
- INTERNATIONAL MONETARY FUND: IMF Executive Board Completes the Second Review under the Extended Credit Facility Arrangement and Approves US$25 Million Disbursement to Burkina Faso
- ARMECONOMBANK - ARMENIA: Salary Card with 70% Discount
- ASIAN DEVELOPMENT BANK: ADB Sells 60 Million Lari Dual-Tranche Domestic Bonds in Georgia