The first working day of the Moscow Financial Forum was completed with the Plenary Session on the topic "From Macroeconomic Stabilization to National Projects. What Kind of Finance and Economic Policy Will Ensure a Breakthrough?".

The session was attended by the Prime Minister of the Russian Federation Dmitry Medvedev, the First Deputy Prime Minister of the Russian Federation - Minister of Finance of the Russian Federation Anton Siluanov, the Chief Executive Officer of the World Bank Kristalina Georgieva, the Chairman of the Accounts Chamber of the Russian Federation Alexey Kudrin, the Minister of Economic Development of the Russian Federation Maxim Oreshkin, the President - Chairman of the Board of VTB Bank (PJSC) Andrey Kostin.

"The Moscow Financial Forum is held for the third time and gradually turns into an established platform for exchange of views in the finance sector and in the economy in general. A good tradition also is the timing of the Forum, shortly before Moscow City Day. This is a financial forum, but the agenda is much broader. And this is justified, because modern challenges are connected not only with the problems of money flow, but also with the economy as a whole, which is influenced by changes in global politics, trade, market conditions and international competition," the Prime Minister of the Russian Federation Dmitry Medvedev said in his welcoming speech at the third Moscow Financial Forum.

The Prime Minister told that over the past years a number of measures had been taken to improve the business environment - a single window principle for accounting reporting to the state bodies had been created, territories with a special tax regime had been established and much more. "All this contributed to the rise of Russia's position in the Doing Business ranking to the 35th place," Dmitry Medvedev emphasised.

When opening the discussion and talking about the mechanisms for achieving the targets set in the Executive Order signed by the President in May this year, the First Deputy Prime Minister of the Russian Federation - Minister of Finance of the Russian Federation Anton Siluanov stressed: "Our task is creation of the conditions when investors are not afraid to open new enterprises, people are not afraid to bring money to the bank and open deposits, small business is not afraid to open new firms. In general, the conditions have already been created - low inflation, protection from external influence (oil prices, increasing rates of the Federal Reserve System or trade restrictions)."

Anton Siluanov also noted that much attention was paid now to supporting small and medium-sized businesses, improving labour efficiency. "We will invest more in the social aspect: education, health care. All this is necessary for economic growth, and this support is provided through the budget," he stressed.

The Chairman of the Accounts Chamber of the Russian Federation Alexey Kudrin, when speaking at the Plenary Session, touched upon the topic of public procurement:

"Public procurement is an area that requires regulation: procurement remains insufficiently transparent. The Accounts Chamber sees that in some ministries and departments prices for goods and services are grossly overpriced compared to similar biddings," he noted.

The Chief Executive Officer of the World Bank Kristalina Georgieva noted that it was necessary to develop a public-private partnership in the infrastructure in Russia.

"In Russia there is a good experience of public-private partnership in St. Petersburg. The airport, the ring road were build in this way there. Both the projects were successful, as they were carefully and accurately prepared, tenders were conducted in a transparent manner, and the management from St. Petersburg was extremely effective. We have experience, but this experience must be spread throughout the country," Kristalina Georgieva noted.

We would like to recall that the second working day of the Moscow Financial Forum will be opened with the Plenary Session, within the framework of which the guests of the event will have a Conversation with First Deputy Prime Minister of the Russian Federation - Minister of Finance of the Russian Federation A.G. Siluanov and Mayor of Moscow S.S. Sobyanin.
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