VERSIONS: روسيا اليوم NOTICIAS FREEVIDEO ИНОТВ RTД
breakingnews
Go to main page   Business   News   Reducing budget deficit a priority for President Medvedev  
MORE ON THE STORY
29.06.2010, 11:36 1 comment

ConocoPhillips and Russia

Amidst a major shakeup of the global oil market, James J. Mulva CEO of US oil major, ConocoPhillips, spoke with business RT about the company’s plans in Russia.

29.06.2010, 10:53

Emerging economies driving global rebound

Developing countries are gaining a stronger position on the world economic stage and becoming significant investors in their own right, and helping to drive the economic recovery.

Tony Hayward 28.06.2010, 17:23

BP denies Hayward resignation claim

A claim by Russian Deputy Prime Minister, Igor Sechin, that embattled BP boss, Tony Hayward, has been denied by BP.

22.10.2010, 19:17 4 comments

Privatization agenda to shape new corporate landscape

The privatization agenda outlined by First deputy Prime Minister Igor Shuvalov, will seek to both shore up the government’s budget gap, and bring about major change in the Russian corporate market.

06.09.2010, 11:18 4 comments

Old light bulbs face the dimmer

Europe’s move to phase out 60 watt light bulbs next year after banning 75 watt bulbs last week is also the future direction for Russia, as energy efficiency starts to take on a day to day meaning.

09.07.2010, 12:02 1 comment

Russian Retirement age comes into focus

Russian finance minister, Alexey Kudrin, has proposed increasing the retirement age for Russians, with experts agreeing the problem should be urgently addressed.

29.01.2010, 11:42 2 comments

Davos: privatization of Russian state-owned businesses key to funding deficit

Russia's leading bankers have been using the World Economic Forum in Davos to push for the privatization of their companies, with the heads of Sberbank and VTB being the most notable.

09.04.2010, 21:30 2 comments

Cash for clunkers powers into top gear

It’s a month since cash for clunkers programme was launched in Russia and strong demand has already taken 85% of the planned supply of new Lada cars.

22.07.2010, 13:35 2 comments

New tax measures to hit resources

Russia’s Finance Ministry will raise the gas extraction tax almost 61% already in 2011, with other natural resources also facing an increased tax burden as the government looks to rein in the budget deficit.

20.04.2009, 13:03 7 comments

Crisis as a way to build a global totalitarian state

As the world financial and economic crisis comes into its own, the Western community leaders are seeking to impress on mankind the idea that this upheaval will end up ‘turning the world into something different’.

Reducing budget deficit a priority for President Medvedev

Published: 29 June, 2010, 17:10
Edited: 30 June, 2010, 04:42

(15.4Mb) embed video

TAGS: Budget, Big deal, Economy, Finance


Russian President Dmitry Medvedev has unveiled the country's three-year budget plan for the next 3 years.

He has flagged slashing the number of civil servants by up to 20% and implementing special privileges for Russia’s Skolkovo research centre. He says the budget aims to create greater efficiency and competitiveness in the Russian economy, moving away from anti-crisis measures.

The President emphasized that reducing the budget deficit would be a key priority in the coming years.

“I propose to proceed with a 50% cut in the federal budget deficit by 2013, compared to the 2009 level. That’s the task that all of the G20 countries, all the countries with developed economies, are putting in front of themselves. This is not just an acceptable reference point for us, but a definite need. If we don’t cut the deficit enough, we risk losing the stability of the budget system which we have worked hard to reach.”

Speaking with Business RT, Vladimir Osakovsky, Head of strategic Planning and Development at UniCredit Bank, was optimistic about the President’s budget plan and said that Moscow becoming a global financial centre was just a matter of time and proper Governmental support.

+1 (3 votes)
 
Back to top
next MORE NEWS
29.06.2010, 11:36 1 comment

ConocoPhillips and Russia

Amidst a major shakeup of the global oil market, James J. Mulva CEO of US oil major, ConocoPhillips, spoke with business RT about the company’s plans in Russia.

30.06.2010, 10:49

Euro to remain part of Russia’s reserves

The future of the Euro is increasingly being questioned with budget woes in the EU undermining the currency. But Russia says it will continue to be a key part of its currency reserves.

Count Cash June 29, 2010, 22:37
0

We need be bold, but targeted and controlled with the reduction, including feedback mechanisms. This requires little waves, with suitable spacing. The reasonably solid SMEs can step up to the mark, providing they are encouraged, and have access to the tools to allow them to do it. They need be primed before. The no hopers will perish, there is no doubt, and others will arrive as new. We should see the forcing of businesses into an environment that they must independently fend for themselves as a very positive move. But we must manage it, forcing zoo animals into the wild, can quickly result in a lot of dead animals, and the health hazards associated with them. The old ones, if viable, have to be adapted, by providing them with the information and support they need, however at the end of the day, they must understand that the Zoo is closing. So if they don't act on their own initiative their carcas will be there for all to see. The new ones need support also, and an understanding, and more importantly reality, that what they create will be theirs, and the government underpins that right completely with the full power of the state. We should set ourselves a challenging but realistic target of maintaining growth at a certain level, whilst support is removed. The growth should be maintained through market development, both internal and external. Innovation and competitiveness, will be the key driving factors in this. The net result will be increased net fiscal flows back to government, even maintaining the taxation level constant. This will eleviate budget pressures in a sustainable fashion and more importantly will set the foundations for a normalised business environment in Russia. But this doesn't happen by magic, it needs the network of busienss support to do this, so we need this fully motivated, because today it doesn't feel the pressure and doesn't have the drive. This is a going to be a difficult, painful at times road, but a rewarding one in the end!