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News // Russia

Russia?s Economy Could Equal That of U.S. or Germany in 10 Years — Finance Minister

25 September 2006 , 16:02666
Russian Finance Minister Alexei Kudrin said on Sunday, Sept. 24, that in his opinion it is possible that Russian economy would be equal in strength to the financial systems of the United States of Germany.

In an interview with Russia?s Channel One, Kudrin said: ?We want to create a system that would be equal in strength to the economies and financial systems of the United States or Germany. I have to say that this distance can be covered in ten years in the country conducts a very skilled financial policy.?

Kudrin stressed that over six years ? from 2000 to 2006 ? Russia has gone up eight levels in the rating system of the world?s largest ratings agency. It started out with one of the lowest ratings, which correspond to financial crisis, and worked its way up to investment-grade rating. The minister noted that it still has seven steps to go to the highest rating, which is held by the United States, France and Germany. To reach this rating is an ambitious task, but one that Russia can surely fulfill, Kudrin said.

The Russian minister also stressed that a new default would be impossible in Russia. ?There will be no default under any conditions,? Kudrin said. He pointed out that the country has a ?serious protection from all kinds of defaults? - the Stabilization Fund, which collects windfall oil revenues.

Earlier on Friday, the minister explained that Stabilization Fund will be divided into reserve part, which is going to amount to 7-10 percent of the GDP, and the fund of future generations, which will accumulate all the money above of this sum.

?Today we already have a fund with a size of 6.4 percent of the GDP,? Kudrin said on Sunday. He explained that soon the 7 percent of the GDP level will be exceeded and the fund of future generations will be spun off from the Stabilization Fund. ?We will put the money in securities that have proved their reliability,? the minister noted.

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