Russian Federation: 2010 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
IMF Staff Country Reports, July 30, 2010
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- Russian Federation: 2010 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
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Bibliographic details
- Published: July 30, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455206483.002
Executive summary and recovery assessment
- The Russian economy has improved after the recession, but recovery is fragile.
- Executive Directors appreciated the pre-crisis policy of taxing and saving oil revenues in a stabilization fund, which:
- created significant space for fiscal expansion,
- allowed monetary easing,
- enabled extraordinary liquidity support to the banking system,
- helped to prevent an abrupt ruble depreciation.
Main challenges identified by Directors
- Implement medium-term fiscal consolidation.
- Mitigate pressures for real appreciation and inflation.
- Restore the health of the banking system.
- Improve the investment climate through ambitious structural reforms.
Policy implications and recommendations
- Maintain fiscal policy discipline over the medium term to consolidate gains from pre-crisis oil revenue saving.
- Use available fiscal space prudently to support recovery while avoiding measures that would exacerbate inflation or real appreciation pressures.
- Continue targeted monetary measures and liquidity support where necessary to stabilize the banking system, alongside measures to restore bank balance-sheet health.
- Undertake ambitious structural reforms to improve the investment climate and support sustainable medium-term growth.
Metadata (subjects and keywords extracted)
- Subject: Banking, External debt, Fiscal policy, Inflation, Oil prices, Prices, Public debt
- Keywords: Africa, aid initiative, broad money, Central Asia and the Caucasus, CR, Europe, fiscal policy, GDP, Global, government, Inflation, ISCR, lending, Middle East, Nonoil balance excl. one-off, Nonoil balance excl. one-off receipt, nonoil deficit, oil price, Oil prices, Russia
Source: Russian Federation: 2010 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion (IMF).
Content in this bundle
- _cr10246 — Executive Summary and Selected Excerpts
- _cr10246r