MOSCOW (Pakistan Point News / Sputnik - 27th August, 2020) Russia's financial reserves have continued to grow despite the economic fallout of the pandemic creating confidence in spending and recovery, Russian President Vladimir Putin said on Thursday.
"Despite all the difficulties, our reserves are growing. This creates an additional safety cushion, this is important. This is not a panacea for all ills but it creates a certain confidence in us that, if necessary, we will be able to finance [government expenditure] including social [guarantees]," Putin said in an interview with Rossiya-1 channel.
The president went on to say that the economy is expected to recover in tandem with the global outlook.
"We believe that the peak of problems has passed and I hope that we will gradually begin to recover, here we are not much different from other countries of the world," Putin said.
