21:39 GMT22 October 2020
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    A project by the Russian news agency Ria Novosti devoted to the 20th anniversary of Vladimir Putin at the helm of the country features several interviews with the nation’s most prominent public figures, who recount their most memorable experiences with Vladimir Putin during the last two decades.

    Former Minister of Finance Alexei Kudrin opened up about which of President Vladimir Putin’s decisions potentially “saved” the Russian economy during the 2008 global financial crisis. Kudrin, who currently serves as chairman of the Accounts Chamber, said that it was Putin’s order to create reserve funds during his prime ministership that played the most vital role for Russia.

    “I just want to say that he is the only one, maybe, contrary to many other positions, who supported the creation of the Stabilisation Fund, then the Reserve Fund, then the National Heritage Fund, which played a decisive role in the crisis of 2008-2009”, the ex-finance minister said, according to RIA Novosti’s project devoted to the 20th anniversary of Vladimir Putin serving in a governing capacity. “In this sense, it is to his credit in many respects, despite the fact that we came up with it or we thought it through, nevertheless, it was created only thanks to his political will”.

    During his interview, Kudrin argued that the creation of the aforementioned funds was decisive in “saving” the Russian economy and financing social needs, leading to the stability of salaries during the crisis and even a rise in pensions. 

    Alexei Kudrin, Chairman of the Board, Center for Strategic Research Foundation
    © Sputnik / Konstantin Chalabov
    Alexei Kudrin, Chairman of the Board, Center for Strategic Research Foundation

    In 2008, the Stabilisation Fund was divided into the National Heritage Fund and the Reserve Fund, with the financial resources from the latter playing a significant role in meeting the budget obligations during the global economic slowdown. It ceased to exist in 2018 after all of its funds were exhausted. 

    RIA Novosti’s project will reportedly include several interviews with Russian and foreign politicians, public figures, and sportsmen who have worked alongside Vladimir Putin for many years.

    2008 Global Economic Crisis, Russian economy, Alexei Kudrin, Vladimir Putin, Russia
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