Source Pravda.Ru

Russia becoming international economic power

Russia’s finance minister said Wednesday that the country’s 2007 economic growth estimated at 7.8 percent and projected annual growth of 6.5-7 percent for the next three years.

Alexei Kudrin boasted to an investment forum that the nation is becoming an international economic power.

He said the overall investment increased by 21 percent in 2007.

Such good results were largely driven by high world oil and gas prices.

The country has set aside huge sums for investment and to stabilize the economy in case of a commodities downturn.

On January 1, 2004, the Stabilization fund of the Russian Federation was established by the Government of Russia as a part of the federal budget to balance it if oil price falls. Now the Stabilization fund of the Russian Federation is being modernized. The Stabilization Fund will be divided into two parts on February 1, 2008. The first part will become a reserve fund equal to 10 percent of GDP (which is about $100 billion now), and will be invested in a similar way as the The Stabilization Fund. The second part will be turned into the the National Prosperity Fund of Russian Federation. Deputy Finance Minister Sergei Storchak estimates it will reach 600-700 billion rubles by February 1, 2008. The the National Prosperity Fund is to be invested into more risky instruments, including the shares of foreign companies.

Comments
Bill Clinton's Oval Office disgrace destroyed Yugoslavia
Russian opposition MPs accept pension reform without a fight
Putin: Russians will go to heaven in case of nuclear war
Putin: Russians will go to heaven in case of nuclear war
Russian 'spies' Petrov and Boshirov say they work in fitness industry
Is Putin guilty of the Kerch school massacre?
Bill Clinton's Oval Office disgrace destroyed Yugoslavia
Nuclear strike coming tomorrow? Pentagon and North Korea ready for war
Edward Snowden does not feel safe in Russia
Chief of Russian National Guards declines Navalny's TV debate offer
Russia will not let NATO warships into Sea of Azov
Is Putin guilty of the Kerch school massacre?
Putin: Russians will go to heaven in case of nuclear war
Edward Snowden does not feel safe in Russia
Is Putin guilty of the Kerch school massacre?
Russia joins forces with Egypt to establish law and order in the Middle East
Russia joins forces with Egypt to establish law and order in the Middle East
Russia joins forces with Egypt to establish law and order in the Middle East
Russia will not let NATO warships into Sea of Azov
Russia will not let NATO warships into Sea of Azov
Sergei Skripal does not believe Russia poisoned him