Interfax: Russia’s economy still lacking in sustainable development – premier

(Interfax – Gorki, December 2, 2013) Stable economic growth still has not been achieved in Russia, Prime Minister Dmitriy Medvedev has said.

“The task of providing for sustainable economic development, where the key factor is the growth of labour productivity and the modernization of existing capacities, the creation of high-efficiency jobs and personnel training that is up to modern standards, has not been resolved,” Medvedev said on Monday [2 December] speaking at a session on the implementation of last year’s presidential decrees.

Another subject addressed by Medvedev at the session was the creation of conditions for a large-scale influx of investments into the real sector of the economy. This year, he said, the task proved to be “a difficult one”.

Nevertheless, Medvedev said, mechanisms for investment into the National Welfare Fund and pension funds have been set, as well as the procedure for independent technology and price audits. “Public control is necessary as we proceed with work on investment programmes for companies with a government interest as well as infrastructure monopolies,” Medvedev said.

He noted that the programmes of the Russian Railways company were recently discussed and promised to do the same with regard to other companies. “We will be forced to make some tough decisions as we reform the pension and utilities systems,” Medvedev said.

He said that the goals set out in the president’s decrees of May [2012] are a priority for Russia’s development and that they were designed to be achieved over several years. “As of now, we should have an understanding of where we succeeded and where we are having problems, what is to be done in the near future and in the medium-term,” Medvedev said at the start of the meeting.