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Dmitry Medvedev, Prime Minister of the Russian Federation, delivered a speech at the Plenary Discussion of the Gaidar Forum 2016

On January 13, Prime Minister of the Russian Federation Dmitry Medvedev delivered a speech at the Plenary Discussion of the Gaidar Forum - 2016 taken place at RANEPA. Participants of the Discussion also included First Deputy Prime Minister of the Russian Federation Igor Shuvalov, foreign scientists as well as the World Bank Vice President Jan Walliser, Chairman of JP Morgan Chase International, Governer of the Bank of Israel (1991 - 2000) Jakob Frenkel and EU Commissioner for International Cooperation, Humanitarian Aid and Crisis Response Kristalina Georgieva. RANEPA Rector Vladimir Mau moderated the Discussion.

Opening his speech, Dmitry Medvedev admitted that, nowadays, under the crisis conditions, reforms were necessary, and reforms were always painful. However, postponing life till the moment when things go better, in his opinion, is not the problem solution neither.

Last year, according to Prime Minister, the set of measures was taken that would allow us to overwhelm the tendency of population living standard decline. This work will be continued.

“We entered 2015 with fluctuations in the exchange rates, with gloomy forecasts on economic downturn, we even herd promises of tearing our economy apart coming from outside, however, none of those happened. We managed to hold up, now our economic situation is manageable and there are some positive trends. They are as follows. Russia is one of ten countries with the lowest national debt and the biggest gold and foreign currency reserves. There was no escape from ruble, capital outflow has decreased” – Dmitry Medvedev stressed and pointed out other three important factors, which allowed us to talk about a stable situation in our economy. They are stable performance of bank sector and lending activity revival, well-balanced budget despite oil-gas revenue outflow. According to Dmitry Medvedev, thanks to the outflow, the basis for macroeconomic stability has been created even if oil prices continue to fall. Furthermore, Russian economic industries have managed to raise their efficiency.

To sum up the speech, Dmitry Medvedev said that all aforesaid constitutes just first features of economic adaptation to the crisis.

The organizers of the Forum are the Russian Presidential Academy of National Economy and Public Administration (RANEPA), the Gaidar Institute for Economic Policy and Yegor Gaidar Foundation.

General partner of the Forum is Gazprombank (Joint-Stock Company). Financial partner is Otkritie Bank. Strategic partners are Coca-Cola, Johnson & Johnson, Novartis, ACIG Group of Companies. Official partners are Microsoft, RVC; Partner is Cotton Way.

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