Latest news with #Siluanov
See - Sada Elbalad
04-07-2025
- Business
- See - Sada Elbalad
BRICS Nations Surpass $60 Trillion in Assets, Russian Minister
Taarek Refaat Russian Finance Minister Anton Siluanov announced that the total financial assets of BRICS nations have now exceeded $60 trillion, underscoring the bloc's expanding economic footprint and growing influence on global financial architecture. Speaking during a meeting of the Board of Governors of the New Development Bank (NDB)—the financial arm of BRICS—Siluanov emphasized the bank's evolving role as a key driver of investment across both BRICS member states and the broader Global South. "This year marks a decade since the establishment of the New Development Bank, which has become the principal financial instrument for funding development projects not only within BRICS countries but also across the Global South,' Siluanov said, according to the Russian state-run news agency TASS. Siluanov highlighted the demographic and economic significance of developing nations, noting that countries in the Global South collectively account for nearly 70% of the world's population and contribute about 60% of global GDP. He added that the financial assets of these nations now represent more than half of global total assets, exceeding $60 trillion. 'These figures reflect a profound shift in global economic power,' the minister stated, adding that the NDB plays a pivotal role in channeling capital toward emerging market priorities, especially infrastructure development. The Russian finance chief called for a new approach to mobilizing long-term, sustainable capital, stressing the need to modernize investment mechanisms. This, he said, could include expanding the use of digital financial assets to enhance capital flows and project financing. Siluanov's remarks come as BRICS—comprising Brazil, Russia, India, China, South Africa, and newly admitted members—seeks to deepen financial cooperation and promote alternatives to traditional Western-led financial institutions like the IMF and World Bank. As global economic dynamics shift, the BRICS bloc is positioning itself as a counterbalance to Western financial dominance, advocating for greater representation of developing economies in global governance, and investing in infrastructure as a pathway to sustainable development. The New Development Bank, headquartered in Shanghai, has financed dozens of projects since its inception in 2015, ranging from transportation and energy infrastructure to water and sanitation initiatives. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Saba Yemen
04-07-2025
- Business
- Saba Yemen
Russian Finance Ministry: Moscow backs creation of BRICS guarantee fund to boost investments
Moscow - SABA: Russian Finance Minister Anton Siluanov announced Friday that Moscow supports establishing a BRICS guarantee fund to increase investments among member states. Siluanov told Sputnik: "This is a Brazilian initiative, and we consider it an important tool for our financial cooperation. We endorse it." The statement comes after British media reports on Thursday revealed BRICS plans to create the fund with support from the New Development Bank to reduce financial costs and boost intra-bloc investments. The BRICS summit is scheduled for July 6-7, 2025 in Rio de Janeiro. About BRICS: - Founded in 2006 by Russia, China, India, and Brazil - South Africa joined in 2011 - Expanded with new members in early 2024 Whatsapp Telegram Email Print more of (Economy)
Mint
20-06-2025
- Business
- Mint
Russian energy, transport, finance companies among privatisation candidates, says finance ministry
ST PETERSBURG, Russia, - Russian state-owned companies from the energy, transport and finance sectors will be among the candidates for privatisation, Finance Minister Anton Siluanov said on Friday, as Moscow seeks to raise funds for the federal budget. Shunned by Western capital since launching the conflict in Ukraine, Moscow has been seeking ways to foster more domestic private investment, increase economic efficiency and, ultimately, bolster budget revenue as Russia spends heavily on the war. "It is such a delicate issue just now, but I can say that it is energy, transport and finance," Siluanov said at the St Petersburg International Economic Forum on Friday. "We are interested in attracting new money for the development of companies," Siluanov said. "There are currently difficulties with financing the investment programmes of large corporations." Officials have for months teased the market with hints about which companies could be candidates for privatisation, without giving concrete names. In 2010, the finance ministry, then led by reformist Alexei Kudrin, first launched a multi-year privatisation campaign to dispose of state assets, but the scheme ultimately stalled. The state sale of a stake in oil major Rosneft was the main deal from that time. Siluanov suggested resurrecting the dormant privatisation drive in late 2023, submitting a list of 30 company names to the government in a proposal that would see the state keep controlling stakes. In March, the ministry said the privatisation of stakes in seven large companies next year would raise up to 300 billion roubles for the budget. Several major Russian firms have complained of the prohibitive cost of borrowing, with interest rates at 20%. Preparing state-owned companies for initial public offerings would require serious preparation, Central Bank Governor Elvira Nabiullina said. Russia has also struggled to attract investment in the last few years, with Western companies withdrawing funds and investors from countries friendly to Moscow not yet picking up the slack. This article was generated from an automated news agency feed without modifications to text.
Qatar Tribune
07-05-2025
- Business
- Qatar Tribune
Russia plans to employ fiscal reserves to balance 2025 budget
Agencies The Russian government plans to use its fiscal reserves for 447 billion rubles ($5.51 billion), or about one-tenth of its liquid assets, to balance the budget in 2025 after a threefold increase in the deficit, according to the country's finance minister on Tuesday. The Finance Ministry raised the 2025 budget deficit estimate to 1.7% of gross domestic product (GDP) last week from 0.5% after reducing the energy revenues forecast by 24% due to expectations of a prolonged period of low oil prices. The move, taken as global oil prices hit their lowest level in four years, reversed the ministry's initial plan to replenish the reserve National Wealth Fund (NWF) this year and forced it to look for sources to cover the deficit instead. 'Overall for the year, based on forecast data from the Ministry of Economy, which we used as a basis for the federal budget adjustment, we expect to use 447 billion rubles from the National Wealth Fund (NWF),' Finance Minister Anton Siluanov told a news conference. The liquid assets of the NWF stood at 3.3 trillion rubles, or $39 billion, last month after dropping by about two-thirds since the start of the war in Ukraine in 2022. The fund is projected to receive over 1 trillion rubles in extra revenues from said the government was not planning any emergency measures such as raising taxes this year. Neither is the ministry planning to increase its borrowing plans. Siluanov earlier said defense spending will not be touched. 'This year, I hope we will manage without taking extraordinary measures during the budget execution process,' he said. Many economists, however, see such measures as inevitable in the coming years. Seeking ways to counter the oil price shock, Siluanov proposed to save more oil revenues by lowering the 'cutoff' price of oil, above which all energy revenues are set aside for a rainy day, in the next three-year draft budget. The initiative would have ensured at least a three-year coverage of budget spending if the oil price remains low for an extended period, but also implied a reduction in spending as the military operation in Ukraine continues. Siluanov's comments on Tuesday suggested the idea was shelved for the time being. With the current cutoff price at $60 per barrel, at the projected average price for Urals blend at $56 this year, no money can flow into the fund. 'In the projections for the next three-year budget, a change in the cutoff price will not be provided for,' he said. Russia is the world's second-largest oil exporter, with energy making up one-fifth of the budget's total revenues. U.S. President Donald Trump said on Tuesday that with lower oil prices, Russia is more eager to settle the Ukraine war. The strong ruble, which has rallied by about 40% against the U.S. dollar this year, mostly on expectations of a peaceful settlement in Ukraine in an unprecedented decoupling from the oil price, has added to the budget woes. The oil price calculated in rubles fell in early May to a two-year low below the 4,000 ruble per barrel mark, about 40% lower than planned in the budget, according to Reuters calculations. Siluanov said stalled imports, as domestic buyers of foreign goods struggle to secure loans at high domestic interest rates and face international payment problems caused by Western sanctions, were a key factor behind the rouble's strength.
Reuters
06-05-2025
- Business
- Reuters
Russia plans to tap fiscal reserves to balance 2025 budget, finance minister says
Summary Companies The move comes after threefold 2025 deficit increase Oil prices hit lowest level in four years Siluanov sees no extraordinary measures to balance budget in 2025 Rouble expected to weaken when interest rates decrease MOSCOW, May 6 (Reuters) - The Russian government plans to tap its fiscal reserves for 447 billion roubles ($5.51 billion), or about 1/10th of their liquid assets, to balance the budget in 2025 after a threefold increase in the deficit, the finance minister said on Tuesday. The finance ministry raised the 2025 budget deficit estimate to 1.7% of gross domestic product last week from 0.5% after reducing the energy revenues forecast by 24% due to expectations of a prolonged period of low oil prices. The move, taken as global oil prices hit their lowest level in four years, reversed the ministry's initial plan to replenish the reserve National Wealth Fund (NWF) this year and forced it to look for sources to cover the deficit instead. "Overall for the year, based on forecast data from the Ministry of Economy, which we used as a basis for the federal budget adjustment, we expect to use 447 billion roubles from the National Wealth Fund," minister Anton Siluanov told a news conference. The liquid assets of the NWF stood at 3.3 trillion roubles, or $39 billion, last month after dropping by about two-thirds since the start of the war in Ukraine in 2022. The fund is projected to receive over 1 trillion roubles in extra revenues from 2024. NO EMERGENCY MEASURES Siluanov said the government was not planning any emergency measures such as raising taxes this year. Neither is the ministry planning to increase its borrowing plans. Siluanov earlier said defence spending will not be touched. "This year, I hope we will manage without taking extraordinary measures during the budget execution process," he said. Many economists, however, see such measures as inevitable in the coming years. Seeking ways to counter the oil price shock, Siluanov proposed to save more oil revenues by lowering the "cut-off" price of oil, above which all energy revenues are set aside for a rainy day, in the next three-year draft budget. The initiative would have ensured at least a three-year coverage of budget spending if the oil price remains low for an extended period, but also implied a reduction in spending as the military operation in Ukraine continues. Siluanov's comments on Tuesday suggested the idea was shelved for the time being. With the current cut-off price at $60 per barrel, at the projected average price for Urals blend at $56 this year, no money can flow into the fund. "In the projections for the next three-year budget, a change in the cut-off price will not be provided for," he said. Russia is the world's second largest oil exporter with energy making up one fifth of the budget's total revenues. U.S. President Donald Trump said on Tuesday that with lower oil prices, Russia is more eager to settle the Ukraine war. CHEAP MONEY The strong rouble, which has rallied by about 40% against the U.S. dollar this year, mostly on expectations of a peaceful settlement in Ukraine in an unprecedented decoupling from the oil price, has added to the budget woes. The oil price calculated in roubles fell in early May to a two-year low below the 4,000 rouble per barrel mark, about 40% lower than planned in the budget, according to Reuters calculations. Siluanov said stalled imports, as domestic buyers of foreign goods struggle to secure loans at high domestic interest rates and face international payment problems caused by Western sanctions, were a key factor behind the rouble's strength. Sales of foreign currency, predominantly the Chinese yuan, from the National Wealth Fund, which resumed in April to cover the budget shortfall, have also supported the rouble in recent weeks. Siluanov said that eventual monetary policy easing will enable importers to take more loans and push the rouble lower. A weaker local currency generally helps to fill state coffers for exporting countries. "If the money becomes cheaper, it will affect the exchange rate," Siluanov said, pledging that there will be no changes to the foreign currency regulation, which includes mandatory sales of foreign currency by exporting companies. ($1 = 81.1455 roubles)
