Russia not to rush with structural reforms

Published 20.04.2016 00:00

The Russian government should not rush to implement rapid structural reforms because this may extend the crisis for another few years and weigh heavily on the recession-battered economy and population, Russia's prime minister said Tuesday.

"We will not conduct reforms at the expense of people," Dmitry Medvedev said to a rapturous applause in the lower chamber of Russia's parliament as he reported on the performance of his cabinet. "Both people and the economy can bear only a certain speed and depth of reforms."

Russia is suffering hard from low world prices for its vital oil exports, and from Western economic sanctions imposed on Moscow over its role in the Ukraine crisis. But Medvedev said the government had no plans to resort to printing money to help bridge a budget gap. Russia should return to three-year budget planning, Medvedev said. He said there would be no amendments to the state budget during the spring session of the parliament.

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