03:13 GMT +326 September 2017
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    RUSSIA'S ECONOMIC GROWTH RATE MAY SLOW DOWN

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    MOSCOW, March 1 (RIA Novosti) - The Russian Economic Development and Trade Ministry forecasts that in the next few years the growth rate of the national economy may slow down to 6 percent and even less. This is said in the message of deputy head of the government staff Mikhail Kopeikin to Prime Minister Mikhail Fradkov.

    "In these conditions, prompt steps must be taken for qualitatively change the situation at the macroeconomic level. Among them can be the use of the Stabilization Fund with the basic volume exceeding 500 billion rubles", reads the message, which has come to hand at RIA Novosti.

    It says that by late 2005 the excess amount will be around 460 billion rubles (1 dollars equals 27.70 rubles), as prophesied by ministry.

    In order to preserve the macroeconomic balance the ministry proposes channeling the resources exclusively in the repayment, also before time, of the state's external debt, the message says. The ministry proposes to spend the 60 billion rubles saved from early debt repayment as targeting investment projects, whose list and procedure of approval are yet unsettled, the message says.

    "Implementation of the said measures will promote economic development to a level securing, in expert view, an additional GDP increment of 1.5 to 2 percent above the forecast," the message reads.

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