Russia should refrain from assuming long-term obligations on investment projects as the global economy remains unstable, First Deputy Prime Minister Igor Shuvalov said on Thursday.
“We must learn to spend money completely differently and keep from creating long-term obligations in this complex period,” Shuvalov said at a business breakfast as part of the opening of the St. Petersburg International Economic Forum.
“If we have ongoing obligations, we must finance them, but we need to bring forthcoming investment expenditures within a time span of one year,” he said.
Expenditures on new projects should be substantiated and backed by available revenues. “If we have revenues, we spend them, if not, we’ll have to live modestly,” Shuvalov said.