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Yesterday Russia’s President Dmitry Medvedev confirmed three facts, officially denied until recently. He had to admit there was a crisis situation in Russia in general (1), in the real sector of its economy in particular (2), and that there was a massive unemployment threat (3). For the first time, Russian President disclosed the value of the anti-crisis aid: 5 trillion rubles – which won’t be enough to save the economy according to the opinion of some experts because the government still has to estimate the value of the anti-crisis aid specifically for the real sector industries.

Until yesterday, there were only unofficial talks on crisis in Russia. Officially, there wasn’t any – only the global one, centered on the US. There was the American government to blame – and it was the way Mr. Medvedev presented his speech to the federal assembly on November 5th. Mr. Putin also said there wasn’t any crisis on his trip to Novosibirsk. All speakers confirmed that Russia was well prepared for sustainable external shocks, but yesterday in Izhevsk, Dmitry Medvedev had to, so to say, “face the truth”. “Today it is clear that the financial crisis is developing – alas, from the financial to the real sector”, - he said at the conference. According to him, the crisis has only slightly touched the real sector industries yet, but he is certain enough that it is only a start. Every industry is exposed, and no one can say someone is ok and another is suffering – in fact, everybody’s suffering, Mr. Medvedev described the situation.

There are worries concerning possible massive unemployment. “Those problems may go deeper, so we have to work together with all parties of labor relations”. He urged Russian regions to closely monitor the labor market and to increase financing of employment plans.

Mr. President reminded of a set of anti-crisis measures for the real sector approved on November 7*. There are 55 different tasks in total for all major industries of the economy – banks, agriculture, building societies, SMEs and other. Officials didn’t disclose the amount to be spent, however. The President disclosed the amount yesterday: 5 trillion rubles, which isn’t a final number. “There are massive scale problems overwhelming global economy, so we will likely need more responses. And responses shall we find”.

According to PKF (Russian audit and consulting company), 5 trillion rubles won’t be enough. Its analysts estimated that officially announced direct inflows to maintain liquidity alone had amounted to 6 trillion- including subordinated credits (950 billion rubles), free budgetary funds held at banking deposits (1.514 trillion rubles), funds to refinance companies’ external debts (50 billion rubles), funds to repurchase shares and corporate bonds of Russian issuers (175 billion rubles), funds to increase capital of the Deposit insurance agency (200 billion rubles), plus other expenses. PKF says that the real sector will require more. “But the government agreed upon that value without any economic reasoning. For instance, it is still unclear how much the government is going to spend and for what exactly”, - says the company’s managing partner Igor Nikolayev.

Source: “RBC-Daily”

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• *See: “Russia’s government takes new steps to fight the crisis”