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Alexei Kudrin: CIS must spend 1%-3% of GDP to save banks

Alexei Kudrin: CIS must spend 1%-3% of GDP to save banks

02 April 2009 13:06 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Russia’s Deputy Prime Minister and Finance Minister Alexei Kudrin said that CIS countries must spend between 1% and 3% of their GDP to save their banking sectors from collapse, BNE (www.businessneweurope.eu) reports.

Kudrin said the money will be needed to restart stalled economies by encouraging banks to offer corporate loans. He also predicted that bad debt would rise to 10% of total loans this year and stressed that governments must stand ready to recapitalise banks.

The economies of the CIS countries will post growth of nil to 3% in 2009, he said. Azerbaijan has proved most resilient to the crisis and continues to enjoy high investment rates and economic growth. The hardest hit have been Russia, Ukraine and Kazakhstan, the three CIS countries most integrated into the global economy.

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