27 March 2014, Thursday, 13:37

Rustem Khamitov met with analysts of Standard & Poor `s rating agency

author: Bashinform News Agency

On March 26 at the House of Republic the President of Bashkortostan Rustem Khamitov held a working meeting with the director of the "Regional and Municipal Finance" group of Moscow office of Standard & Poor `s International Rating Agency Boris Kopeikin and an analyst of the group Ekatherina Ermolenko, the press service of the head of the region informs.

Issues of financial and economic development, state of key industries and attracting investment were discussed there.

Rustem Khamitov noted that the republic felt quite confident in the current economic situation in the country and the world.

He stressed that "the Ministry of Finance RB — is a professional organization, well balanced, efficient, in a good sense conservative, standing on the principles of rational use of resources and defending this position. There is no doubt that it is a team of highly qualified professionals, having good understanding of the subject matter".

Khamitov recalled that "the Russian Ministry of Finance has defined our position as good in terms of financial management of the region. We enter the top twenty of the Russian regions, where the management of regional finances is carried out at a high level”.

The President told in detail about the current economic situation in the republic, the attraction of investment to the region, revenues from taxes to the republican budget, execution of May decrees of the President of Russia.

He also briefed the Standard & Poor `s rating agency with the preparations for the SCO and BRICS Summits in the republic.

While talking to reporters after the meeting Boris Kopeikin said that "the republic has a high rating. This is a rating of investment category «BBB-» with a stable forecast. It reflects a lot of different things: the state of the Russian system of intergovernmental relations that leave very little flexibility to manage budgets, especially regarding revenues, and also spending. It reflects the state of economy, quality of management, the situation with debts, liquidity, with obligations associated with the municipal sector enterprises. "

According to the analyst, "the republic has reserves — there are previously accumulated reserves in the spending part. All this we have to balance in our assessment. At this stage, we see that over the past years the republic has been quite successful in finding balance between the growing expenditure needs and budget revenues. Including substantial revenues received from sale of property, which allowed keeping a large amount of capital investment. The capital investment — is the thing on which many now starting to save. This is what creates a basis for future development. If we do not invest in roads, in housing sector, in schools and hospitals, tomorrow you will have no investments, with lower economic growth and less taxes."

Full transcript of the meeting is available on the official website of the President RB.