Russian President delivered his annual report to the Federal Assembly, presidential web page reported.
As he noted, “For the first time ever, our reserves fully cover not only the sovereign debt, which is quite small, but also private borrowings. These funds are at work, and investment to the National Welfare Fund generates budget revenue. We set a target to reach a certain level, after which we can use these funds, although cautiously so as not to cause any macroeconomic disturbances. We are about to reach this level, and are beginning to do it. The proceeds from these investments go to the federal budget. In 2018, proceeds from investing to the National Welfare Fund in the amount of RUR 70.5 bln ($1.1 bln) were added to the budget. To achieve high growth rates, it is also necessary to resolve systemic problems in the economy.“
According to the President, “The first one is faster growth in labor productivity, primarily based on new technologies and digitalization; the development of competitive industries and, as a result, an increase in non-primary exports by more than 50% in six years. The second one is to improve the business climate and the quality of national jurisdiction, so that no one moves their operations to other jurisdictions, to ensure that everything is reliable and runs like clockwork. Growth in investment should increase by 6–7% in 2020. Achieving this level will be one of the key criteria for evaluating the government’s performance. The third priority is removing infrastructural constraints for economic development and for unlocking the potential of our regions. And the fourth thing is training modern personnel and creating powerful scientific and technological foundations.”