New Boss at Russian Finance Ministry plows the same path

New Boss at Russian Finance Ministry plows the same path
It's all change and no change at the Russian Finance Ministry. Experts expect newly installed Anton Siluanov to continue the course of his predecessor as Finance Minister Aleksey Kudrin.

­After taking office Mr Siluanov says the Finance Ministry will continue its policy aimed at providing macroeconomic stability and apply conditions to the budget. He says the course would be provided through budget cuts.

“The fact that the president appointed Siluanov Finance Minister prove Kudrin’s course will remain”, said Evgeniy Grontmakher from Institute of Modern Development. Mr Kudrin has recommended Mr Siluanov as Finance Minister being sure he will cope with the challenges of any second wave of crisis. Siluanov also received support from the State Duma in October.

“Anton is a professional. He has a thorough knowledge of all the main areas. He's all-round, qualified person,” Kudrin said.

Anton Siluanov has a PhD in economics; he has been working at Ministry of Finance since graduation in 1985. He's also a member of the supervisory board at Vneshtorgbank and a member of government Fuel-energy complex commission.

Experts agree, Anton Siluanov is a seasoned professional, who has been working at the Finance Ministry for many years, but they warn about the challenges, he could face. The Russian Government recently raised pension payments and increased military spending and it could lead to a deficit of budget.

“If we provide social security help to everyone, we would have a high inflation rate”, said Evgeniy Yasin, scientific adviser of Higher School of Economics. “It’s necessary to reduce inflation rate by 2-3% to start economic expansion. It’s a contradictory challenge Siluanov will have to meet”.