Russian Gov't Should Act Decisively Amid Ongoing Crisis By Helping People, Economy- Kudrin

MOSCOW (UrduPoint News / Sputnik - 11th July, 2020) The Russian authorities should act more decisively amid the current epidemiological and economic crisis caused by the coronavirus disease pandemic by supporting the country's economy and population, Accounts Chamber head Alexei Kudrin said on Saturday.

"We are responding a little slowly to the challenges caused by the crisis, which is completely different [to previous crises], and our old methods do not always work. That is why we should act more decisively today," Kudrin said during a lecture to graduates at the New Economic school in Moscow.

The Accounts Chamber head referred to Russia's quick response during the 2008 financial crisis, which meant that the country was not as severely affected as other nations. He also stated that Russia's low levels of debt will also aid the country emerge from the latest crisis, as it may allow for further borrowing.

"It seems to me that this reserve is poorly used. We could calmly borrow two or three trillion rubles ($28.2 billion-$42.3 billion) to support the population and the economy," Kudrin remarked.

While additional borrowing may bring some respite, Kudrin said that structural reforms were required to bring the Russian economy out of its current stagnant state. For this to happen, the country must become less reliant on oil and make significant investments in the science, technology, and health care sectors.

"Despite the fact that we have been talking about this for many years, unfortunately no political decisions have been made," the Accounts Chamber head said.