ST. PETERSBURG: Russia must keep inflation low and stable if it is to have a chance of spurring economic growth via increased consumer spending, the World Bank’s chief executive officer (CEO) said.
Inflation stood at around 17 percent in early 2015 but Russia has since reined in consumer prices, bringing annual inflation down to a post-Soviet low of around 4 percent.
Kristalina Georgieva, the World Bank’s CEO, said keeping inflation low was important to give Russia’s middle class the confidence and ability to spend more.
The World Bank sees Russia’s gross domestic product (GDP) growing by 1.3 percent in 2017 and 1.4 percent in 2018 and expects annual inflation to stabilize close to the central bank’s target of 4 percent.
Georgieva said Russia also needed to ensure overall macroeconomic stability, pay attention to major social issues and boost competitiveness if it wanted to boost the economy.
Georgieva, who served as the World Bank’s director for Russia in the mid-2000s, was speaking to Reuters on the sidelines of an economic forum in St. Petersburg.
Russia must ensure price stability to spur growth: World Bank
Russia must ensure price stability to spur growth: World Bank
Pakistan and Saudi Arabia agree to boost security, counterterrorism ties
- Talal Chaudhry meets Saudi deputy interior minister during visit to Riyadh, calls for regular engagement
- Pakistan and Saudi Arabia signed a joint defense pact last year, formalizing long-standing military relations
ISLAMABAD: Pakistan and Saudi Arabia agreed on Tuesday to enhance cooperation on security and counterterrorism, said an official statement, as Pakistan’s Minister of State for Interior Talal Chaudhry met Saudi Deputy Interior Minister Abdulaziz bin Mohammed bin Ayyaf in Riyadh.
The meeting comes against the backdrop of deepening defense and security ties between the two countries. Pakistan and Saudi Arabia last year signed a bilateral defense accord that elevated long-standing military cooperation into a formal security commitment, with both sides pledging to treat aggression against one as a threat to the other.
“Continuous engagement between Pakistan and Saudi Arabia is essential for peace and stability in the region,” Chaudhry said in a statement released after the meeting, which also noted an understanding to strengthen security and counterterrorism cooperation.
He also represented Pakistan at the World Defense Show 2026, a major international exhibition hosted in Riyadh that brings together governments, armed forces and global defense manufacturers.
During the visit, the Pakistani minister also conveyed greetings on behalf of Prime Minister Shehbaz Sharif and Interior Minister Mohsin Naqvi to the Saudi leadership ahead of the holy month of Ramadan, which begins later this month.
