Rus News Journal

That experts of IMF have found in Russia

Economic development
In process of acceleration of rates of economic growth there was an intensity in macroeconomic sphere. Within two last years base inflation remained at level 10 - 11 %, growth of a real salary advanced labour productivity, and the real rouble exchange rate has started to become stronger much faster rates - almost on 10 % for last 12 months .
the Budgetary policy
Mission does not agree with two actively put forward positions.
in - the first, reduction of rates of taxes and increase in expenses will not lead to fast growth of potential gross national product.
in - the second, proficiency preservation in the budget thanks to the big tax revenues from oil sector will not protect economy from inflationary pressure .
Monetary - the credit and currency policy
It is necessary to eliminate dependence monetary - the credit policy from the purposes of a currency policy. The bank of Russia cannot resist in a current of long time to pressure towards real strengthening of a rouble exchange rate. Delay of rates of inflation as a result of rouble exchange rate strengthening could promote carrying out monetary - the credit policy directed on decrease of inflation .
Financial sector
It is available necessity of the further strengthening of measures prudentsialnogo bank supervision. Key indicators testify to strengthening of bank system. However banks have appreciably used favorable macroeconomic conditions which can hide weakness presence in the structural plan. To bank of Russia it is necessary and to resist further to pressure from weak banks for the purpose of easing of specifications for participation in system of insurance of contributions .
Structural reforms
Plans of reforms are adequate, however their realisation is connected with uncertainty. A key problem is escalating of rates of reforms in favorable conditions. After the active period of carrying out of reforms in 2000 - 2001 their rate was essentially slowed down .