Meeting of the Presidential Council for Strategic Development and National Projects. The President’s key statements:
Contrary to pessimistic predictions, Russia joined the world’s five biggest economies in 2022. The current budget situation is generally stable and does not carry any risk to macroeconomic stability whereas the federal budget deficit dropped by nearly eight times in the second quarter of this year. In addition, the budget is expected to have a surplus from July through September while annual spending will exceed fiscal revenue at about 2 percent of the GDP, as planned.
Foreign trade transactions are increasingly carried out in rubles and the currencies of friendly nations. In the past 18 months the share of ruble transactions for Russian exports more than tripled from 12 to 42 percent.
It is crucial to continue strengthening the payment infrastructure and develop logistics corridors to continue increasing foreign trade.
New opportunities should be created in the stock market to attract capital from within the country including for fast-growing hi-tech companies.
To counter volatility in the financial markets, the Bank of Russia must use available instruments more actively, adjust them according to the situation and control the outflow of capital.
A key issue is to create a resource in the economy for financing large-scale comprehensive projects with long-term loans that guarantee the earning capacity of investments and a long-term yield. To support such investments and attract more investment, a programme of voluntary long-term savings for citizens will be launched on January 1, 2024. This instrument will allow individuals to earn extra income in future or create a safety cushion for unexpected life events.
In the first half of this year, the real disposable incomes of our citizens grew by 4.7 percent, whereas the average wage in the economy increased at a related rate of 4.2 percent.
The minimum wage is to be proactively increased by 18.5 percent as of January 1, 2024. This decision will have a positive impact on the incomes of about 4.8 million workers.
The construction of hospitals, outpatient clinics and rural health stations under the Healthcare national project is proceeding ahead of schedule. Approximately 3,600 capital construction projects have been commissioned since 2019, with about 3,500 of them related to primary healthcare.
Life expectancy in Russia has rebounded to pre-pandemic levels at slightly over 73 years. This number represents several factors including the level of medical care, the quality of housing, people’s incomes, and the environmental situation. This positive trend shows that we are moving in the right direction.
More measures are planned in demography. As of today, regional programmes to increase the birth rate have been launched in all constituent entities in Russia. The child care home allowance will be extended for mothers who join the workforce before their child is 18 months old. Effective September 1, a project will be launched to establish a unified system for social and medical care both for single mothers and for full families with children.
At least a million people must acquire modern and in-demand vocations within the next five years with the help of the Professionalitet federal project which involves about a thousand core enterprises in 24 areas of the real sector of the economy and hundreds of colleges across the country.
The National Wealth Fund will fund 239 projects in the housing and utility sectors in 73 regions of Russia.
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