German Gref said the lack of confidence in economic breakthrough thanks to the national projects

German Gref said the lack of confidence in economic breakthrough thanks to the national projects

The press service of the President of Russia

The key problem of the Russian economy remains inefficient management, not allowing to achieve economic growth. This opinion was expressed by the head of Sberbank German Gref at the plenary session of the Moscow financial forum, as quoted by RBC.

«We have the business models of the future, models of breakthrough, — said Gref. — There is no consensus about what to do and, therefore, cannot be solutions». In his opinion, it is necessary first to understand the priority of economic development and social policy, and adapt accordingly management system. He also said that the projects will not give the desired result because of the insufficient quality of the structuring, and the resources of national projects should be directed to absolutely other purposes, including the creation of new models in education, health, public administration, judicial system, and the development of technology, which in developed countries are «absolutely blew all spheres — the sphere of control in the first place».

«It does not depend on the volume of money. In an effective management system you lack resources, find solutions, inefficient models you excess resources only produce a large amount of noise, which does not give good result. On the macroscopic scale all the same — if you don’t have an effective tool, it is meaningless to discuss everything else,» added Gref.

First Deputy Prime Minister, Minister of Finance Anton Siluanov, in turn, said the head of Sberbank, the government has clear goals and objectives. «The goal is, the resources are there, people who will fulfil these goals, too. Before such was not!», — said Siluanov. In response to this, Gref said: «the Wheel is, the wheel is there, everything is there, but not coming.» Earlier Siluanov has criticized the head of the accounts chamber Alexey Kudrin, who also is skeptical about the prospects of the Russian economy.

Gref also drew attention to the excessive quantity and poor quality of the officials, which in 2000 was 1 million 156 thousand, and now 2.2 million «next year will be reduced,» — Siluanov has responded. He also noted that the national projects «give forward movement» the development of the economy, but may not be the only structural tool. It was noted earlier that the essence of the national projects do not understand and ordinary Russians, whose life after the announcement of the programme at least has not improved.

«This macroeconomics, as in Russia, perhaps, in no other country. But the climate — protection of property rights, business environment, availability of resources — is at the very bottom,» — stated the first Deputy Prime Minister, adding that the state should guarantee entrepreneurs the permanence of the conditions to ensure the protection of property rights and «not scaring business».
According to the Bank, published in early April, direct foreign investments in the Charter capital of Russian companies in 2018 decreased by 6.5 billion us dollars, reaching its lowest point since 1997.

Foreign investors participating in the equity of Russian companies withdrew investments 22.4 billion, and the volume of incoming investment amounted to only 15.9 billion, two times less than the average for the previous ten years.

The outflow of capital began to accelerate in 2018 due to concerns of foreign and local investors to external shocks. The capital goes through the outflow of foreign direct investment, the decline in external debt and the desire of the Russians to keep the currency outside the banking system. In this new outflows can lead to new sanctions and other external shocks.

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