Off the wire
• China's new yuan loans hit 6.56 trillion yuan in H1  • Experts urge more China-U.S. cooperation in Mideast  • Russia angry at Australian visa snub  • Muslim feast with police in Australia canceled after protests  • Australia calls for UN to form criminal tribunal to investigate MH17 disaster  • Foreigners sell S.Korean stocks in five months  • China treasury bond futures open higher Tuesday  • Australian scientists to be the world's first to see close-up images of Pluto  • Chinese shares open mixed on Tuesday  • Australian consumer confidence at lowest level in one year  
You are here: 　 Home

Russia avoids worst economic scenarios: PM

Xinhua, July 14, 2015 Adjust font size:

The worst scenarios for the Russian economy have been avoided and the situation is currently under control, Russian Prime Minister Dmitry Medvedev said Monday.

"The worst scenarios have probably not taken place. The economic situation remains difficult but is controlled, especially thanks to the joint work of the government, the Central Bank and legislative bodies," Medvedev said during a government meeting.

According to an online transcript released by the Russian government, Medvedev urged relevant ministries to keep monitoring the implementation of the anti-crisis plan adopted in January to ensure economic development and social stability amid unfavorable economic conditions.

Medvedev said that the situation and activities of "strategically important" large enterprises should be monitored, and instructions should be implemented to ensure all budgetary funds could reach such final beneficiaries as industrial and agricultural enterprises.

The prime minister also reiterated the importance of taking supportive measures for the real sector, saying the government decided to grant more than 20 billion rubles (over 354 million U.S. dollars) of state guarantee funds to 12 investment projects.

He said that significant funds have been allocated to support the agricultural sector, whose production volume increased by 3.3 percent in the first five months compared with the same period of last year.

Medvedev said at the end of June that Russia has to stick to the austerity budget for a long period of time due to persisting unfavorable conditions.

Many Western countries have imposed sanctions on Russia over its alleged "destabilizing role" in the Ukrainian crisis. On June 22, the EU decided to extend anti-Russian sanctions by six months until Jan. 31 of 2016 to ensure Moscow fully implements Ukraine peace accords. Endi