Over 30 years, about 1 Trillion Dollars Has Been Withdrawn from Russia
OREANDA-NEWS. The Minister for Integration and Macroeconomics of the Eurasian Economic Commission Sergey Glazyev, being at the Russia – Africa economic forum, said that the outflow of capital from Russia over the past 30 years amounted to about 1 trillion US dollars, from the former republics of the Soviet Union 2 trillion.
According to the politician, the reason of the large-scale withdrawal of capital from the country was the macroeconomic policy recommended by the International Monetary Fund. He also noted that African countries suffered heavy losses due to these recommendations too.
To improve the economic situation, Glazyev advised relying on his own key areas – subsoil and infrastructure, as well as having strategic development plans and the possibility of financing own development. He suggested that African countries together with the Eurasian Economic Union, consider the possibility of creating a new monetary and financial architecture that would focus on the development of real sectors of the economy.
According to the minister, it is possible to increase trade between Russia and African countries in the mining industry, agriculture, manufacturing industry, which is possible only on the basis of modern transport, energy and financial infrastructure and the right to work independently in the financial markets.
Glazyev emphasized that this process should not be limited only with creating channels for financing long-term investments for African countries through access to world credit sources, which are present in excess nowadays, and Africa is cut off from them. He believes that development projects are needed to invest this money.