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Russia to phase out anti-crisis measures by 2015 - Kudrin

© Alexei Nikolskiy Alexei Kudrin
Alexei Kudrin - Sputnik International
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Russia will gradually scrap anti-crisis measures by 2015, Russian Finance Minister Alexei Kudrin said at an annual business forum in Davos, Switzerland, on Friday.

Russia will gradually scrap anti-crisis measures by 2015, Russian Finance Minister Alexei Kudrin said at an annual business forum in Davos, Switzerland, on Friday.

"Russia will exit the crisis in late 2012, and we will phase out [anti-crisis] measures ... by 2015," Kudrin said on the sidelines of the World Economic Forum.

Kudrin, viewed in the West as a key liberal, said last week the fast growth maintained mainly on the back of high energy prices exposed Russia to additional risks after the country experienced a financial crisis in 2008. For the first time in a decade, Russia posted a budget deficit in 2009.

He told reporters in Davos the Russian government had set itself the target of reducing the federal budget deficit to 1%-2% of GDP within the next five years from 5.9% of GDP in 2009.

Kudrin also said earlier budget austerity was a must for Russia.

"We do not have the scope to increase spending," he said.

DAVOS, January 29 (RIA Novosti) 

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