Press Release No. 11/403

Press Release: Statement by IMF Managing Director Christine Lagarde at the Conclusion of her Visit to Russia

November 8, 2011

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), made the following statement today in Moscow:

“I would like to express my profound appreciation to the Russian authorities for welcoming me during my visit to Moscow over these last few days. Russia and the IMF enjoy an excellent partnership and I am very pleased that we had the opportunity to discuss how we can strengthen our relationship even further in the period ahead.

“I had the privilege of meeting President Dmitry Medvedev, First Deputy Prime Minister Igor Shuvalov, Acting Finance Minister Anton Siluanov, and their colleagues.

“We discussed the serious challenges currently facing the global economy-- especially the euro area—and the implications for emerging Europe. In particular, we discussed how these global developments affect Russia's economic prospects and policy priorities.

“Since the onset of the global financial crisis, Russia has taken a number of actions to strengthen its economic defenses. Now it needs to take further steps to guard against potential vulnerabilities. A key priority is to strengthen the budget while oil prices are high. Other steps include a continued focus on low inflation, strengthening banking supervision, and improving the investment climate.

“Dealing with current and future risks effectively will enable Russia to move forward to the future it needs: of higher, more sustainable growth that creates enough jobs and benefits the whole population.

“We discussed the important role that Russia is playing in the global economy and, as a participant in major global economic fora. Russia is a leading member of the G20 and of the IMF, where it is one of our top ten shareholders.

“Finally, I was invited to speak at the State University of the Ministry of Finance in Moscow, where I met with a broad group of academics, think tank representatives, and students. I particularly appreciated the opportunity to meet with some of Russia's wonderful young people.

“My thanks again to the Russian authorities and people for their gracious hospitality.”