IMF says Russia faces risk of "credit bubble swelling up"April 20, 2012 - 14:54 AMT PanARMENIAN.Net - The International Monetary Fund (IMF) has warned Russia it faces the risks of a "credit bubble swelling up" due to the rapid growth in consumer credit in the past decade, Russia's Deputy Finance Minister Sergei Storchak said on Friday, April 20. "According to the IMF's report, ... it is necessary to prevent the swelling of the credit bubble in emerging markets, especially in the Russian Federation. The IMF rates the risks of Russian economy and the emerging economies overheating is very high," Storchak said. According to IMF statistics, Russia's gross domestic product has doubled in the past 10 years, while the consolidated volume of loans grew three times in the same period. "The IMF ranked this risk [the third most important] after debt problems in Europe and banking sector risks," he added, RIA Novosti reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |