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#2 - JRL 2006-218 - JRL Home
Russian economy well protected against external shocks - Gref

SOCHI. Sept 29 (Interfax) - The Russian stabilization fund will exceed 3 trillion rubles or 13% of GDP by the end of 2007, Economic Trade and Development Minister German Gref said at the fifth Kuban international economic forum in Sochi on Friday.

The stabilization fund will likely stand at 2.3 trillion rubles or 8.5% of GDP at the end of 2006, he said.

Forex reserves presently amount to 260 billion rubles and the budget surplus is equal to 6.5% of GDP, Gref said.

"There is macroeconomic stability in Russia that reliably protects the economy from external shocks," Gref said.

However, problems do exist, primarily a slowdown in the physical volume of exports and the accelerated growth of imports, he said.