Russia Is Less Vulnerable Than Other Countries

Russia's Finance Minister Alexei Kudrin has made several statements on the sidelines of the annual meeting of the IMF and World Bank in Washington.
Kudrin is confident that economic growth in Russia in 2011is ensured by the oil price at 60 dollars per barrel. "This price will ensure economic prosperity in the coming year", - he said. Kudrin added that the outlook for the Russian economy and developing countries is more optimistic than for developed countries. "Russia is less vulnerable than other countries", - Kudrin noted.
Vice Prime Minister stressed that the situation in the global economy remains volatile, and if the situation in developed countries is much worse, it will impact on developing economies.
Russia's Finance Minister said that Russia supports the initiative of the International Monetary Fund to strengthen control over markets. "In financial markets, there are areas of risk that could provoke a sharp imbalance of income and expenditure of companies. These risks are systemic, they are not specifically regulated," - Kudrin said. "It is important to analyze these risks, as in the future, in less favorable conditions, they would lead to violation of balance and the prevailing market conditions," - he added.
among these risks Kudrin named delinquent loans. "Outstanding loans - this is normal and does not lead to problems in the market. However, in an economic downturn, they can cause bankruptcies of many enterprises," - said the head of the Russian Ministry of Finance.
Kudrin also said that the Ministry of Finance delayed implementation of the idea to introduce a requirement to increase the minimum bank capital to 1 billion rubles for another five years.