Financial news

Medvedev intends to strengthen the financial discipline

16 апреля 2009 г.

The President of the Russian Federation Dmitry Medvedev intends to encharge the Government and the Administration with a task to work on the proposal on the reinforcement of the financial discipline. He reported this during his meeting with the head of VTB Andrey Kostin.

“The financial discipline issues, despite the hardships of the current period, are among most important”, noted Medvedev. “If you have relevant proposals, I’m ready to give instructions to the Government and the Administration to work them out”, he said.

 “Now practically all participants of the economic relationships are responsible for the problems that have appeared”, Medvedev marked.

According to him, in such conditions one of the most complicated tasks facing the Government is not to let a sharp growth in redundancy.

“In this context I numerously encharged banks with the tasks to set the full-value cooperation with the corporate bodies, to assure the proper range of lending activities, particularly concerning the  support that is being rendered according to the bailout plan of the Government, but in this conditions everybody should be responsible”, marked the head of the state.

 “If the enterprise is capable of executing its obligations (here most of the companies don’t meet the obligations), the work collectives are working, the salary is paid, the agreements are negotiated, the credit agreements are fulfilled, - all this will lead to the proper officiation of debtors on credit transactions”, the President of the Russian Federation is confident. “Otherwise we can create a dramatic situation of credit default that will affect the economic situation”, Medvedev warned. ”Together we should think over the reinforcement of the financial discipline”, he noted.

Medvedev marked that both the bankers and the Governments are making efforts to find the solution to topical issues, particularly connected with the reduction in interest rate. “But with all the mechanisms working, no one is going to  cancel the common rules that  with the proper payment discipline and under loan agreements  not only banks have obligations, but also the credit recipient”, noted Medvedev.
 

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