Putin: We had to raise defence spending to ensure security

MOSCOW, June 16 (Reuters) – President Vladimir Putin said on Friday that Russia’s public finances were generally balanced and that it had had to increase defence spending to reinforce its security.

Putin was speaking at the plenary session of Russia’s flagship St Petersburg International Economic Forum.

Here are some quotations from his speech, translated by Reuters.

“Positive macroeconomic trends are gaining momentum and strength. In April of this year, gross domestic product grew by 3.3% in annual terms, and by the end of the year it will add more than a percent. Well, so, anyway, according to the IMF – 0.7%, but in my opinion, and I agree with those of our experts who believe that growth will still be more, somewhere up to 1.5%, and maybe even under 2%. And this will allow our country to keep its place among the leading economies of the world.”

“We have maintained a responsible, balanced budgetary and monetary policy. Their effective combination made it possible to reach the minimum levels of unemployment, as well as inflation, which is now lower in Russia than in many Western countries, both in the eurozone and in other regions, (and) is close to a historical minimum of 2.9%. Unemployment 3.3%. It has never been so low in our history.”