The strategic session of Moscow Financial Forum “Russian Economy & Financial Markets – Is There Any Life After the Pandemic” took place on September, 8, in the online environment. The speakers discussed reversion of the country to economic growth in the post-coronavirus period.
Anton Siluanov, the Russian Minister of Finance, reminded that nobody could imagine such serious challenges that the country had faced because of the pandemic. The government responded to them at once in several areas requiring foremost consideration. "We changed our financial policy - increased the borrowings, used the NWF funds and drew resources from other areas. We hurled all effort into implementation of the packages of measures in order to support the economy and the public", - Anton Siluanov emphasized. He noted the following: "The growth rates in our country are some of the best. This year we can see that the economy will decline by less than 4%. Maybe, the actual data will be even more positive". In the course of the discussion the Minister of Finance stated: "We have developed the plans for reversion to the usual and normal budget tempo and budget process. We'll come up to the budget rule in 2022".
Sergey Sobyanin, Mayor of Moscow, noted that eventually more people suffered in the countries where a premium was placed on the economy maintenance and not the public health. "The measures should not be "strict" or "mild", they should be relevant to the medical, sanitary and economic situation. We made decisions in the nature of a compromise and got the minimum mortality rate in Moscow with the maximum possibilities for business activities. 80% of people continued working in presence or in the remote mode, and this is the guarantee for more or less smooth passing through the crisis with rapid ascension to economic growth. I think that even in case of any disease incidence increase possible in autumn and winter we should pass through it with the minimum restrictions in relation to the economy and travels around the city. I hope that we'll have mass vaccination of the public as early as December and January. The pandemic is a one-time story, and I think that we'll totally forget about it in a year and a half", - Sergey Sobyanin said.
Elvira Nabiullina, Governor of the Central Bank of Russia, reported that recovery of the Russian economy in general was going on in accordance with the estimates. According to her, the inflation targeting mechanism has demonstrated its efficiency both under the crisis and steady conditions. "Financial stability and economic growth are not alternatives. The Central Bank, the financial and economic sector of the Government and the whole Government have the same objective to create the conditions for economic growth and increase in household income on this basis. Our roles and tools are different. For our part, we first of all ensure price stability for economic growth", - Elvira Nabiullina emphasized.
Andrey Kostin, President and Chairman of Board of VTB Bank, confirmed that a robust and reliable banking system capable of meeting any complex challenges had been developed in Russia, and banks were already returning to the normal working tempo. "Financial and economic stability is a great achievement of both the Government and the Central Bank. But we realize that the economic growth objective is also set for us. I have always believed that implementation of the national projects with involvement of the private sector, consolidation of the private and public investments is the overriding priority for the nearest future. If we want to engage the private business I don't think that cheaper loans will ensure explosive growth of investments. Certain guarantees are necessary provided inter alia through the state support. I am a huge supporter of private-public partnership, as the role of the state in the economic management is very significant in our country", - Andrey Kostin said.
Moscow Financial Forum has been held in the capital since 2016. But this year its implementation in the usual format became impossible due to the epidemiological situation. The milestone 5th Forum will take place in 2021 on a full scale. The record of the Strategic session broadcasting can be found at the web site of Moscow Financial Forum.
Major sponsors of the session - VTB Bank PJSC, Sberbank PJSC and Gasprombank JSC. Sponsor of the session - Goznak JSC.