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Head of Economic Expert Group
The unprecedented crisis will require fundamental changes in Russia’s fiscal policy. Financing anti-crisis measures will involve not only using the National Welfare Fund, but also moving away from fiscal rule and using unconventional fiscal and monetary tools.
Putting off an increase in the retirement age has cost Russia cuts in spending on development and increased pressure on the workforce. The next step is to estimate how much the budget will gain from the reform and to find the most effective way to use this money.
