OREANDA-NEWS. On October 09, 2008 According to Peter Gerendasi, the companies working with PricewaterhouseCoopers in Tatarstan are fully transparent, reported the press-centre of PricewaterhouseCoopers.

“Their transparency level is no lower than that of other global names operating in the international market”, Mr Gerendasi said.

The efforts of PricewaterhouseCoopers are aimed at providing the Republic’s industry officials with a more detailed understanding of global financial reporting standards, and improving overall financial literacy.

During the meeting Tatarstan Prime Minister Rustam Minnikhanov and PricewaterhouseCoopers Managing Partner Peter Gerendasi discussed the current crisis affecting global markets.

According to Rustam Minnikhanov, everything will depend on an effective and proper response being made to decisions that have already been taken. The Head of the Tatarstan Government remarked that the crisis had already had an impact on the Republic: there had been a certain slowdown in the development of engineering enterprises and cutbacks across several investment programmes.

“All this may have an overall effect on the Republic's administration of its budget. Now, many parameters will have to be revised.” Minnikhanov believes.

As for the agreement of intent that has been signed, Minnikhanov is convinced that collaboration between the Tatarstan Government and PricewaterhouseCoopers is both called for and crucial to the Republic, and believes that the agreement will bolster cooperation that will be mutually-beneficial.