uh, also, of course, in a crisis year in any case, there may be a loss of real income crisis. unfortunately, it is more difficult to worry, but in the average long-term period. we must ensure and can ensure sustainable growth in real incomes. you understand the blow that is being dealt to us , and yesterday it was said at the forum that this blow is primarily an attempt to lower the standard of living of people. that's when i ask the question, actually, it's very important. can we protect people? here is a poll i think, which today is the most important. however, this is just a transition to the third question, which i would very much like to hear from you, because today there is a truly outstanding specialist on stage, each in his own field, decisive more important, taking part in solving the problems that

the country is facing. it's a matter of how you see. in achieving financial sovereignty, structural transformations of the economy, how do you see the role of the fiscal policy of the budget of the financial system in the broadest sense of the word, when i talk about it this, of course, and this is banks and taxes, this is all, as you can see, the role. here's what you can offer here, but in fact, how would anton gennadievich excuse me, you have to start here. moreover, you have already made a threat. i saw, uh, alexander medzhukov, who he is sitting in the hall in front of, i was even horrified when you said with such a serious look that we would soon submit the budget to the state duma ; questions

of sovereignty and the budget, as i understand it, yes, the budget tool is a tool. here in this the case that you are suggesting. they just said justice, we need to rebuild logistics, we need to saturate the market with goods, we need to fight prices. we need to change partners. that's all this huge number of problems. and here is what can be done here with the instruments of the budget policy of financial policy, tax policy. well, strictly speaking, what you operate with every day is clear, but i always say that, and i will say that the budget is also a tool for development and budget. we see historical uh, stages maybe destroyer and why, because rampant uh, budget deficits lead to inflation destabilize markets, interest rates decrease in real incomes of the population, so the budget is such a very subtle tool. and uh, it's still necessary to find that golden mean. e, where is the budget, e,

the maximum concentration of resources for the development of social fulfillment which we spoke on the one hand, and on the other hand, e does not lead to imbalances in the financial market. and this is just the middle, it's not always easy to achieve, as in the discussion there in the government we have uh, the cowardly ministries want more spending. uh, it means to get, and you don’t always care, but about efficiency? yes, and the ministry of finance says that let's look for sources, well, they usually do, by the way, if you look at the history, er, the development of the work of the ministry of finance has been decades and centuries. consider, by the way, speaking, e ministers. eh, mr. memories there 100 years ago is exactly the same, so now that's just polished. uh, that means the final touches to

the law that will inevitably be in parliament, and we understand that now some is called. it 's called de-sanding, and we'll certainly find it. uh, so this balance is for the budget to be a tool for development. thank you. can i even ask such an absolutely simple specific question? here we still want to hear not only that the budget down to the state duma is inevitable. uh, how does death pay taxes. but , well, for example, we said that we need friends it is said that we no longer consider it possible to hold funds. e in the dollar in the euro pound, what do we think? these currencies have compromised themselves, which is what you now know a lot of offers to

let you out of the dollar. that is, at least we will sell dollars. we will buy it there, whoever it is. and no one diorchem has more exotic proposals and so on. uh you have. what is the opinion? in what currency do you propose to go, it is obvious that the dollar and the euro should be exchanged for the ruble. they are not for other currencies. and now i even have such a question for anton german. here is antonovich min. offers to invest in yuan there, and says that they do not need to. here is not necessary, here at once on all body now give it i will finish. sorry about that. uh german. what position does a balanced budget take, because investors will not believe us, we will not be able to borrow and so on, but china is a country with a budget deficit of 5% of gdp this year 5.1% of gdp that is why we propose to invest in this sense anton gromovich, as an investor, why does he invest in a country where

big budget deficit? uh, does it mean that they won't invest in us? uh, unless we have a zero deficit. that is why you know from our investors yes, please, once again, i repeat, if such an alternative is to make a 5% budget deficit, i do not propose this. well , skills yes, and you know very well, uh, what are the conditions for us dear investor, here is andrey leonidovich andreevich how much money will you give us and how much for the market deficit, then we will give me a request to you in the past. as a lawyer, i advise. right now you don't answer. and we would not accept such conditions, because we will take care that it is about financing social obligations in the first place, and not paying. uh, coupons and interest

banks have to continue about the currency. actually. um, mother always needs to believe in herself first of all, and not say some kind uncle in the west or in the east, who is something that you can bring and then it will somehow help us, if with andrey than agreement in this regard, it is necessary to adjust such a system where we depend on ourselves first and foremost and invest in ourselves. this is the first moment. as for structural changes, it is obvious that the structural opinion in the economy is impossible for uncontrolled changes in the financial system. after all , the financial system in the expanded sense of the word. including budget. and uh, the private part of the financial system. it is who finances the investment those who finance the changes in the economy, if we want to have technological changes, if we want to have logistical changes, if we want in the income structure and the level of infrastructure development in the regions to have . someone must finance this is only our financial system, and it is up to us, sitting

here now on the panel, whether this structural change in the financial system will depend or not , you will now say how it will depend on you. that's when anton german still the government will make a budget to present their uh their opinion on the monetary policy of the development strategy. well, you yourself gave the financial market. from these documents it will be clear where we are moving now to you. well just what i was going to pay attention to is that your previous suggestion is to look at trust. as a factor for investment , everyone else did not react, so they preferred to discuss everything else. besides, how to build trust, uh. well, to be honest, at this moment i wanted to somehow ask a question. how do you feel , for example, uh, with people like this,

you even know the words are hard to find. well, let's say with refusal to pay. uh, gazprom's dividends later. returning to these does this strengthen uh investor confidence or does it not? well, god bless him, after all the story is already. eh, this is from your point of view. instruments, what financial instruments? can you offer today the strength of your competence? what do you think, uh, the government can do exactly where to get the money from? as i understand it, the main sport is still going on. uh, public funding or private business in the beginning, two words about trust. uh, because i think it's really critical. and no public investment. they don't make up for the lack of trust, even if there will be public investment to private and public support for private investment, there will be subsidy guarantee mechanisms, do not know all

the funding. anyway, no one will risk their money without investors' trust. trust is critically important and we need to do everything to return it. and say the word to return, because yes, trust suffered as a result of the sanctions, when people had frozen assets. as a result of the fact that we closed a lot of financial information, investors cannot navigate often now where to invest, because this information is closed, and certainly the predictability of the dividend policy of our largest issuers. this is a very important element for investors to finance the restructuring of the economy, and in the final analysis, money even in the budget is people's money. yes, this is the money of people and people who earn money, who have savings. aleksey leonidovich correctly said that

our savings are not enough to be transformed into investments are needed so that they invest them, which can be done from this point of view in the financial sector. maxim stanislavovich also correctly said that the financial sector must change in order for us to be able to finance investments on such a large scale. first, banks, of course, banks should play a big role in financing investment projects. they cannot be direct investors, they are backed by depositors and creditors. they are not shareholders, but er long-term investment loans. they should give more. we are ready change the regulation for this and we are discussing with the government. what are the project criteria for us to set up regulation and increase the appetite of banks for this kind of lending. but of course, we need to lengthen the liabilities of our banks. we have been discussing term deposits for a long time. uh and so on. there is a proposal, for example, for fixed-term

deposits to provide increased insurance protection so that people are interested, and it seems to me that these are the things that need to be done now, the second - i have already talked about this, the capital market. he the game should play a completely different role. uh, and just a few numbers to illustrate the potential here that we're underestimating. here we have a certain number of shares of the company circulating on the stock exchange, and this hmm free float of shares is somewhere on average 33%. if we take the stock exchanges of other countries - this is from 50 to 80. here on the shanghai stock exchange there are more than 80. that is, if each company that now issues shares for free circulation even slightly increases from 33 to 35, this is already an additional 3 trillion rubles, which can be attracted if up to 50% of six trillion rubles, we have the

interest of private investors to invest and you share our companies. it just needs to be done once again to return to information disclosure, of course with changes, so as not to create risks there, er, sanctions sensitivity and so on, and, of course, it is necessary in order to restore trust. we have discussed with our representatives of banks. uh, come up with mechanisms that mitigate the problems of frozen assets of our people who have invested in the big financial markets. uh part the asset has been frozen, and we are now discussing the idea, including the creation of such a background, such compensation on the basis of the ne can be a, to yes, from the funds that we, on our part, have frozen non- residents. these incomes could be compensated by these incomes, for example, for mass investors. uh, here's a part, but uh, different ideas can be discussed here, this idea that we proposed, but of

course we need to move this problem with frozen assets. rebuilding trust is important if we want to have enough resources to restructuring of the economics of financial policy from dr. kudrin maybe you can suggest something. evaluate the effectiveness of what you are already doing. maybe you will say that something is not being done yet, what can be done, please. uh, let me break my talk into two parts. the first one is very short. i have already said that in such crisis situations the role of the state increases, er, outside instead of some of the institutions that we used to have or join the international institution. we must create our own. for the last 3 years, the level of subsidies e from the federal budget e to legal entities doubled from 1.3 trillion to two and 8 trillion rubles. er, when we analyze, we don't always find the effect. e on the

impact on the economy now, here we have completed the assessment of all preferential zones of all free zones of the territory, advanced development, etc. , the effectiveness of a third is also not always traced. uh, the last two years, the third investment program. e of russia budgetary e does not end with the introduction of facilities according to the plan on schedule. at than in the next 2 years, only a few objects are introduced, which means that the third one is such a little accumulated shaft, they are completed construction. that is, we need to increase efficiency. eh, mikhail vladimirovich mishustin said that we were state. eh, the program must be used unconditionally. this is the main person of efficiency and budgeting for results. well , in the second part of the speech. i would like to return to some of our very acute questions. it was said here that international settlements. so far, ours is very complex and narrow. eh, well island, the question is in terms of all our issues, including sovereignty, which means i want to remind you that

our russian currency has been convertible since 2006 at 2,000. now. we can say that 22 is now, let's say, suspended. uh, in fact, the convertibility of the russian ruble. and this is generally a historical period and the special role of the russian currency, in general, to become an attractive currency. for calculations. very hard. not being convertible. uh, well, better yet, it should be the reserve currency of the world's only 22 convertible currencies, a and then, they are not reserve repeated even less reserve. that is, those that are accepted for all calculations without, uh, special questions. so i want to say that our experts. now at more than 50% dollars. uh is valued at about 30% more euros. it is really difficult for us to replace this with other currencies, including softer and russian rubles, even yuan, because buying from is critical for us. we often,

even not always, succeed in paying off yuan with this technology, they will not always take it, so the question of increasing the prestige of his currency, and i hope that the return to the convertibility of the russian ruble in general there were two historical periods to instill, when he tied the ruble of the russian ruble to gold, the ruble became a world calling and sokolnikov when the chervonets led and this is our period from 2006 to 2022 . this, too, was a historic period of the return of convertibility. i hope that we will return to convertibility, and then our foreign policy should work to increase the prestige of the ruble for international settlements, of course. uh for the attractiveness of currencies and convertibility is very important, but not enough among the 22 currencies that we convert and in order to be attractive , i can see it in the companies that are negotiating. what currencies to switch to is important for the country to have low inflation, if high

inflation in the country, the currency depreciates whether it is convertible. this will not be taken again. by the way, i agree with this clarification and i made one persuasion. i said that we have a euro zone of 27 countries, we have the european union of 27 countries, a euro-19 zone. in this sense we have 22 currencies and 40 countries that e have converting crises. in general, you usually know this is disposed either to writing memoirs or to scientific research. this is actually a common e in all crises in all countries and for all statesmen, so now there is no question for the statesman. that 's how it's somehow possible here on financial budgetary instruments. here's what to say, you know, i have the truth, i'm very interested. he is asking such a question. here we are, old-fashionedly, we decided in our own the time that we should have

international financial reporting standards, and according to my amount they drove the whole country, it’s not necessary. uh, the listing doesn't matter here. it’s all another matter that we are already spho, uh, as a result, we have led to the fact that our balance sheet of the enterprise does not say anything about the state of the enterprise, it says, at best , about the opinion of an accountant about his enterprise or an auditor. it pushes me again, if it fails, and we have already agreed to be friends. i won't say anything against it. no, i'm not suggesting removing it. i am i understand, can leave it to those who need it, that's who goes there. here i don't know. put, and the rest of the pistons, on the contrary, we ask the russian to remove. we say either russian, voronezh or an international base, that is, and you, and you have implemented any option, and you banned voronezh if a couple of words on this topic. anyway, i'll start with a suggestion. everything was given. i'll start with what

could be. for all that, anton germanovich is our master, the hero of the day, a thing that he may not like very much, and he does not like it very much. first you still, we believe that for means, if we take the instruments, then the first thing is to increase government borrowing. and today it was announced that the ministry of finance is again entering the market. this is very good. we are ready to buy government securities. we believe that the budget should finance, including through increased borrowing. we still have a large enough reserve for this, the second means of the national security fund. should be widely used on a repayable basis to finance large support projects, the third regulator, qualified said that they change and we believe that the abolition of allowances basil three are able to give 40 billion, uh, 43 million rubles. additional loans to the russian economy. yes , without additional capitalization, the fourth is what he said. this is the same. the main thing is the financial market of 5 million people, the middle class.

today, their money is stuck, the most important task of them is to return the tools. we do offer them. including the use of reciprocal funds of non-residents who could sell their we would save russian papers with this money, including foreign papers, here it’s not so much even the reputation of our stock market, because we didn’t force these people to buy western paper, but the funds of the middle class should be quite returned, and then they again invest in our russian market. and we will work on it. i'm sure we'll find a solution. thank you please. the only request i have for you. that's all, well, let's end the argument on this topic. uh, because i've already been told a long time ago that uh it's time to end that i'm just a hooligan because i'm doing now. i continue this. uh, so here, just, if i may, please just retort with some

care. i would support some of the proposals. e kostina because somewhere you apologize for the tenth year. uh yes, uh chair changes a person. now there is a situation where the risks have increased and, on average, both individuals and some banks will have to take on more risks. in that sense, we can't defend completely there. eh, here's an appetite for take the risk. well, excellent colleagues. now i just have a request. here we finish congratulating him all at the beginning, so i have a request. here, uh, everyone there, let's go there. one minute from what we had today. if possible, are you tired of us yet? i've been tired of you for a long time. the main thing is that the audience is not tired. i'm sorry, at least the last 10 years i've been tired of you and nothing. in general, for now, we are just anton herovich, we will give the floor to complete my words, and that’s it. eh, it won't

be right, because then you will tell me that we shifted all responsibility to that germanovich, siluanov. eh, here, and the others have shied away from responsibility. that's why, if possible, but still, here's the result, here's everyone. i would just like to amaze everyone for summing up some result of today's meeting, in addition to how great it is that we are all here today. well, we uh, uh, the last ones performed. e, on the first question, andrey ilyevich. outcome. i think that the result of the fact that we, our financial sector has really passed the first test, and in the presence of the unity of all parties that are sitting here. i 'm sure we'll decide. the task and that e financial sovereignty with which we started it will be provided. this will allow us to further develop and do what we started to create this new world. as if in fact multipolar, yes, in which we will feel comfortable and regardless of whom. thank you alekseevich, the result from you. e, i would once again emphasize that the su-financial

fuss. we need to manage well. it 's a tool that we have, uh, the ability to convert our savings, but it requires a lot of work in this sense, if we don’t get on with it and continue to carry out those necessary measures, then i think we will manage, but international settlement and russia’s prestige in international settlements. thank you should be upvoted. well , indeed, the financial sector has learned to withstand the test. no matter how strong we are now, the task is to learn how to finance the development of the economy and structures. troika with our help, i'll join what is set here is the main talk of today's panel, that everyone who was present here agreed that the structural changes in the financial system are the key condition for the success of structural transformation, the economy and the financial sector and in the budget, and so

on. therefore, today there are a lot of correct proposals that i support, they need to be implemented faster and we need to go faster. as anton germanovich says, polish the budget and move on. and it's time for you to go. i understand, uh, many men before leaving, uh, to grinding the budget. and what do you say that i wanted to congratulate everyone on the holiday. you already did. this is this 220 years. uh, we agreed on the following. the plenary ends with the fact that everyone is brought champagne this time, unfortunately, they have not finalized, what will give we will not gather in a year for the jubilee form, and we will remember this year. like the year when we, uh, put a large and large exclamation mark at the end of your sentence. well, then it would be unfair after what you said, following today's conversation, you did not give the whole room an opportunity to speak out. i have

only one question. i asked those who ready to say today. sovereignty financial sovereignty of russia is a reality you can ask to raise your hands, and now if you can, if there are brave people in the hall, but once again i would like to immediately ask this question of any normal sociologist. i beg you truthfully, without thinking about the consequences of raising your hand raise your hands counters who rewrite, please ask the question in a different way . are there those among your environment who believe that these myths are actually us. pay attention to how much uh, a simple lawyer asks more open-ended questions than real politics. so here it is anyway. and who thinks that it's still so far? russia's financial sovereignty

is a myth. these are those who did not have time to remove their hand after the first vote. i think andrey mikhailovich and why don't you write, please, it's me, i would draw four people. andre, at least, please, and if possible, alexander ivanovich bastrykin will drive up to me when i leave. he is just coming to us from the vakhtangov theater. andrey, how did you vote in general? here, and i actually vote, when anton germich threatened and would contribute the budget, so since i was silent all this time, the only one practically who could not say a word, but in fact i would like to. naturally, once again to congratulate everyone, the work of a financier is actually a very inconspicuous job. and most importantly, the dignity of any financier is that he can always be blamed for all the problems that surround us. the hard work that everyone does and is

of great benefit with this i would like to congratulate and remind the words of the great the philosopher he spoke. even before he found out, he probably never knew about it, that the russian ministry of finance was created, this is the best seneca who said that he would make a lot of money. it is courage to save a lot of money. this is wisdom. learning to manage money is an art. it seems to me that at least. the first two of these qualities have already been achieved by our ministry of finance by one hundred percent. and here's the thing about money management. this is not only

the ministry of finance, but all of us, this is the development of this art and the achievement of heights in this art. we still have to answer, depending on this, in a year to the question of myth or reality to everyone many thanks. it was the key plenary session of the moscow financial forum, the theme of which was financial sovereignty myth and real or reality. we have been working here all day today. and now i will talk about the key statements that were made at this session. e. this is a meeting of the prime minister. mikhail mishustin, even before he began his speech, congratulated all employees of the ministry of finance and all employees of the industry on anniversary. today is the 220th anniversary of the creation of the ministry of finance. and then, of course, there was a discussion in the economy and he directly financial sovereignty

mikhail mishustin noted that the russian economy. smoothly adapts to new realities and deep recession. did not happen. at the same time, russia is rethinking the concept of its financial sovereignty and it is necessary to build it in such a way that it does not depend on third countries, a really deep recession does not happen. as mikhail mishustin noted, for example, industrial indicators remain in the black. rural the economy of the construction industry is also estimated to have passed the peak of the decline in consumer demand, the economy feels confident, according to the ministry of economic development, in january july, our gross domestic product decreased by a little more than 1% compared to the same period in 2021 , and then our economy grew at a faster pace and recovered after covid. for comparison, the fall in gdp global crisis