Russian economy is on the way to stable growth - Christine Lagarde

Russian economy is on the way to stable growth - Christine Lagarde

Russian economy is on the way to stable growth

The managing director of the International Monetary Fund (IMF) Christine Lagarde said Russia has done a good job maintaining macroeconomic stability given declining crude prices.

“Against the backdrop of falling oil prices, Russia had proceeded to, or would precede, she hopes, on the track of sustainable growth,” Russian Deputy Minister of Economic Development Stanislav Voskresensky quoted Lagarde after the APEC leaders’ meeting with the IMF managing director.

Voskresensky also told of Lagarde's meeting with President Vladimir Putin.

Answering the President Putin’s question about Russia’s financial sector, Lagarde said that concerning the head of central bank, she has been doing a fantastic job.

Putin cited the latest macroeconomic data and asked for Lagarde’s advice concerning the banking system.

Lagarde said the banking system is stable but very passive and is not contributing much to economic growth as there is little active lending.

Putin asked what she thinks should be done, but Lagarde haven`t answered the question, only saying that it depends on each individual case and a country’s specifics, according to Voskresensky.

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