Russian Federation: 2010 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion

Author: International Monetary Fund

Volume/Issue: Volume 2010 Issue 246

Publication date: July 2010

ISBN: 9781455206483

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , ISCR , CR , broad money , GDP , lending , government , Nonoil balance excl , one-off receipt , Russia , Nonoil balance excl , one-off , fiscal policy , nonoil deficit , aid initiative , oil price , Oil prices , Inflation , Global , Central Asia and the Caucasus , Europe , Middle East , Africa

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Summary

The Russian economy has improved after the recession, but recovery is fragile. Executive Directors appreciated the pre-crisis policy of taxing and saving oil revenues in a stabilization fund, which had created significant space for fiscal expansion, monetary easing, and extraordinary liquidity support to the banking system while helping to prevent an abrupt ruble depreciation. Directors agreed that the main challenges will be to implement medium-term fiscal consolidation, mitigate pressures for real appreciation and inflation, restore the health of the banking system, and improve the investment climate through ambitious structural reforms.