Interfax: Minister sees Moody’s upgrading Russia rating outlook as recognition of effective policy

MOSCOW. Dec 4 (Interfax) – Moody’s Investors Service’s decision to upgrade the rating outlook for Russian government bonds to stable from negative is an acknowledgement of the effectiveness of the Russian authorities’ fiscal and monetary policies, Finance Minister Anton Siluanov told reporters.

“The upgrade of the outlook, made for the first time in a fairly long time, indicates recognition of the effectiveness of the macroeconomic policy, both monetary and fiscal, that Russia is pursuing,” Siluanov said.

In order for Russia to get back into the group of countries with investment ratings, it needs to “reduce the budget deficit, which is unsustainable in the long term, and transition to stable economic growth,” the minister said.

“The Russian economy has adapted to the new external conditions to a significant extent. However, this adaptation is not complete yet,” Siluanov said.

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