Putin says Russian economy is stable

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Source: CCTV.com | 10-21-2008 08:39

Russian Prime Minister Vladimir Putin says the country's economy is well-prepared for long-term external shocks. He made the comments during a meeting on foreign investments in Russia.

Russian Prime Minister Vladimir Putin speaks at a meeting on the GLONASS system in the Novo- Ogaryovo residence outside Moscow, on Friday,  Oct. 17, 2008.(AP Photo/RIA-Novosti,Alexei  Druzhinin, Pool)

Putin says Russia's policy of oil revenue savings means that the slump in oil prices will be fully compensated for by the government's reserve fund.

He says the country's budget in 2009 will be balanced even with oil at 70 US dollars a barrel.

Putin also says apart from solving its own problems, Russia has a stabilizing influence on the world economy.

Last week, Moscow insisted it has no plans to cut spending on major domestic programs.

Editor:Zhang Pengfei