Medvedev says Russia may avoid financial crisis, emerge stronger

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Russian President Dmitry Medvedev said on Thursday that Russia has not been fully affected by the global financial crisis, which may help the country to develop a stronger economy and speed up reforms.
MOSCOW, October 23 (RIA Novosti) - Russian President Dmitry Medvedev said on Thursday that Russia has not been fully affected by the global financial crisis, which may help the country to develop a stronger economy and speed up reforms.

"I will say frankly that Russia has not yet fallen into this difficult turmoil and has chances to avoid it. It must avoid it," Medvedev said in a video blog posted on his website.

He said that the country had resorted to a number of measures, which would soon restore trust in the financial sector and ensure a stable situation for lenders and borrowers.

"The gold and currency reserves as well as the Stabilization Fund have been set up particularly for such difficult periods. We have a chance to avoid the currency, banking and debt crisis, to overcome today's difficulties without losing the potential that has been developed," the president said.

Medvedev said it was important not only to overcome the difficulties, but to use them to modernize various sectors, suggesting that the crisis could accelerate reforms in the social and judicial sectors.

"First of all, it is inevitable that new competitive companies will emerge, including through the consolidation of assets in different sectors of the economy. We will be ready to take the necessary measures and provide additional financing for these purposes. The stable development of these sectors will also create new jobs," he said.

The current global credit crunch started in the United States and quickly spread to Asia and Europe, leading to record losses on global financial markets and a liquidity shortage.

On November 15, Washington will host an international summit on the financial crisis, bringing together leaders from the world's top economies.

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