ID :
31455
Fri, 11/21/2008 - 14:29
Auther :
Shortlink :
http://m.oananews.org//node/31455
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Russia to provide credits to India, China
Moscow, Nov 20 (PTI) Russia will provide credits to India and China for purchasing its machinery and equipment as part of a stimulus package to back the domestic industry amid the global financial crisis, Premier Vladimir Putin said Thursday.
"We are ... allocating credits to China and India for purchasing the Russian equipment. By doing this (we are) ensuring jobs and income for our enterprises and domestic manufacturers," Putin said, addressing the 10th Congress of the ruling United Russia party.
He, however, did not elaborate the amount and the projects for which the credits will be offered to India.
It may be possible that Moscow could provide credit for
the construction of four more nuclear reactors, including two
new third generation units of 1200 MWTe at Kudankulam nuclear
power plant. An agreement to this effect is to be signed next
month during President Dmitry Medvedev's New Delhi visit.
"We are behaving with responsibility with our partners,
taking direct part in the international anti-crisis efforts as
well as supporting our allies on the bilateral basis," Putin
said, also announcing transfer of up to USD 1 billion to IMF.
The Russian Prime Minister described the situation as
serious, saying that "what started as financial crisis has now
transformed into global economic crisis."
He proposed a set of measures, including tax cuts and
other incentives, to focus on the development of "real sector
of economy."
"We will do everything that depends on us so that the
problems of past years, the collapses of past years, will not
be repeated in our country," Putin said, referring to the
financial collapse in Russia in 1991 after disintegration of
Soviet Union and that of 1998 when Moscow defaulted on debt.
He said that Russian assistance not only contributes to
efforts in coping with the global crisis and development of
integration process in the world, but it also provides the ex-
Communist nation an opportunity to diversify its investments
and preserve reserves, because the credits will be returned
within a specific time-frame according to agreed procedures.
Putin also pledged to use "all means" to avoid drastic
changes in the external value of the Russian currency, rouble.
Noting that Russia has built up "significant financial
reserves", he said in his address broadcast live on state
television that "they give us a wide margin of manoeuvre,
allowing us to preserve macroeconomic stability and not to
allow a spike in inflation or a sharp change in the rouble
exchange rate."
"Cheap money doping and mortgage troubles in the United
States have caused a real chain reaction, paralysed the global
financial system and brought global distrust to the market,"
Putin said.
However, he admitted that "low diversification of the
national economy and its low efficiency" has made Russia
vulnerable. PTI
"We are ... allocating credits to China and India for purchasing the Russian equipment. By doing this (we are) ensuring jobs and income for our enterprises and domestic manufacturers," Putin said, addressing the 10th Congress of the ruling United Russia party.
He, however, did not elaborate the amount and the projects for which the credits will be offered to India.
It may be possible that Moscow could provide credit for
the construction of four more nuclear reactors, including two
new third generation units of 1200 MWTe at Kudankulam nuclear
power plant. An agreement to this effect is to be signed next
month during President Dmitry Medvedev's New Delhi visit.
"We are behaving with responsibility with our partners,
taking direct part in the international anti-crisis efforts as
well as supporting our allies on the bilateral basis," Putin
said, also announcing transfer of up to USD 1 billion to IMF.
The Russian Prime Minister described the situation as
serious, saying that "what started as financial crisis has now
transformed into global economic crisis."
He proposed a set of measures, including tax cuts and
other incentives, to focus on the development of "real sector
of economy."
"We will do everything that depends on us so that the
problems of past years, the collapses of past years, will not
be repeated in our country," Putin said, referring to the
financial collapse in Russia in 1991 after disintegration of
Soviet Union and that of 1998 when Moscow defaulted on debt.
He said that Russian assistance not only contributes to
efforts in coping with the global crisis and development of
integration process in the world, but it also provides the ex-
Communist nation an opportunity to diversify its investments
and preserve reserves, because the credits will be returned
within a specific time-frame according to agreed procedures.
Putin also pledged to use "all means" to avoid drastic
changes in the external value of the Russian currency, rouble.
Noting that Russia has built up "significant financial
reserves", he said in his address broadcast live on state
television that "they give us a wide margin of manoeuvre,
allowing us to preserve macroeconomic stability and not to
allow a spike in inflation or a sharp change in the rouble
exchange rate."
"Cheap money doping and mortgage troubles in the United
States have caused a real chain reaction, paralysed the global
financial system and brought global distrust to the market,"
Putin said.
However, he admitted that "low diversification of the
national economy and its low efficiency" has made Russia
vulnerable. PTI
