Russia to prioritize people, infrastructure, national security in new budget: PM

The Russian government will prioritize people, infrastructure and national security while forming its future budget, Russian Prime Minister Dmitry Medvedev said Wednesday.

In his annual address to the State Duma, the lower house of the parliament, Medvedev said the budget will "support concrete projects in national programs" and concentrate resources in key areas.

This approach "opens up broad opportunities for the development of both the social sphere and the economy as a whole," he added.

Among the main priority sectors, Medvedev mentioned healthcare, education, mortgage and rental housing, public utility services, urban environment, international cooperation and export, and development of small businesses, among others.

In his report, the prime minister said Russia's economy registered growth last year despite low oil prices, Western sanctions and endeavors to preserve resources.

Two of the three major rating agencies, Fitch and Moody's, changed their outlooks for Russia's economy from "negative" to "stable" in the last six months, while the third, Standard and Poor's, raised it to "positive," he noted.

Medvedev said he believed that Russia could return to the group of countries with an investment grade rating by the end of this year.

"In general, our country is moving forward. Today, our task is to help this movement so that every decision taken in the sphere of economy could lead to concrete changes in human life," Medvedev said.

According to the latest statistics, Russia's Gross Domestic Product (GDP) rose by 0.3 percent in the fourth quarter of 2016. The Russian economy declined 0.2 percent in 2016, compared to a 2.8-percent slump in 2015.

Russia's central bank previously predicted the country's GDP would grow by 1-1.5 percent this year and by 1-2 percent in 2018-2019. Endi