Russia’s position on macroeconomic indicators is the best in the world, as stated by the Russian Executive Director at the International Monetary Fund (IMF), Alexey Mozhin, in an interview with TASS.
“We have the best position in the world in terms of macroeconomic indicators among significant countries: low public debt, a budget surplus in 2021. In 2020, there was a deficit, incomes fell, expenses increased, social support was provided. And in 2021 we will have a budget with a surplus,” he said.
The official specified that in Russia the national debt is within 20 per cent of GDP. At the same time, savings in the National Welfare Fund are already approaching 10 per cent of GDP, that is, net debt is even less.
“We have budget savings, we have a very strict budget rule and a high level of foreign exchange reserves of the Central Bank,” the Executive Director said.
He said that Russia is acting extremely decisively in the fight against inflation and has already passed several stages of raising interest rates.
“In Russia, the Central Bank has inflation targeting regime. This target for inflation is 4 per cent per year,” Mozhin explained adding that the same factors led to inflation in Russia as around the world.
At the same time, the Russian executive director at the IMF pointed out, the Bank of Russia was not engaged in pumping money and buying up public debt, like a number of Western countries.