FULL: Putin Addresses Fuel Market Troubles, Details Russia's Economic Outlook | Times Now World

[00:00:02]domestic economy >> Domestic economies, economic sectors, and key sectors are resilient despite external attempts to destabilize the fuel and energy sector and some other sectors.

[00:00:18]However, I would like to emphasize once again that the difficulties we are experiencing in the fuel market are certainly temporary and cannot affect the overall economic dynamics.

[00:00:31]This is how things currently stand.

[00:00:34]According to the Ministry of Economic Development, Russia's GDP grew at a modest rate in May, but still remained positive at 0.3% For the first 5 months of this year alone, growth was 0.2% One of the key factors here is, of course, domestic demand both from the government and businesses.

[00:00:58]In this regard, I note that bank accreditation is accelerating, including mortgages, loans to businesses, organizations, and the real economy. The size of such bank portfolios is growing, and the money supply is correspondingly expanding.

[00:01:16]As of July 1st, it had increased by approximately 13% year-on-year. This trend allows us to expect a stable further increase in domestic demand.

[00:01:30]Public finances remain stable. In June, the federal budget was executed with a surplus. How much did it amount to?

[00:01:39]196 billion rubles. A significant factor here was the increase in budget revenues, with both oil and gas revenues and budget revenues not related to the oil and gas sector increasing.

[00:01:55]The so-called non-oil and gas revenues in the quarter higher than in the same period last year. As for the consolidated budgets of the constituent entities of the Russian Federation, they were executed with a deficit in the first half of the year, roughly the same as in the first half of last year.

[00:02:15]In this regard, it is necessary, of course, to provide additional budgetary support to the constituent entities of the Russian Federation to ensure the fulfillment of state obligations at the regional and municipal levels, and of course, to continue implementing development programs at the local level.

[00:02:35]At the initiative of United Russia, an important decision was made in June.

[00:02:41]The regional budget loan repayment deadline has been postponed from 2026 to 2030.

[00:02:49]This means that regions will have over 100 billion rubles available this year alone. Colleagues from United Russia have also come forward with a new proposal. This concerns budget loans that regions plan to repay over the next 3 years, that is, from 2027 to 2029.

[00:03:11]Their repayment deadline is also proposed to be postponed, but beyond 2030.

[00:03:17]I know that United Russia deputies have been working with the Ministry of Finance on this issue, and I ask the government to prepare the corresponding draft regulations so that, together with the State Duma deputies, perhaps the new convocation, they can adopt these changes during the upcoming autumn session. Anton Ilyinich, is this possible?

[00:03:42]Let me reiterate, essentially, we're talking about providing the constituent entities of the Federation with additional resources.

[00:03:52]These resources be used to address current challenges, stimulate long-term economic growth, and support technological development and business activity.

[00:04:03]Let me emphasize once again that our economic policy must be focused on long-term goals, and the measures implemented must be structured at the federal, regional, and local levels. As I've already said, the most important task now is to launch a new investment cycle and stimulate structural changes in the domestic economy.

[00:04:26]We'll discuss some new solutions in this regard separately now. We've already discussed some of these issues. Mikhail Vladimirovich just came in, and we went over some of them with him before our meeting.

[00:04:40]And then, in August, at the meeting of the Council for Strategic Development and National Projects, we will continue this discussion and I hope confidently reach some agreements.

[00:04:54]Please, let's get started. I'll give the floor to Alexander Valentinovich Milok.

[00:05:01]Please.