Siluanov: we shouldn't wait for speedy improvement of economic situation

Russia’s economic turmoil is of a long-term nature, it is necessary to prepare for a long-term restructuring of the economy, Russian Finance Minister Anton Siluanov said.

"We don’t expect the kind of rebounds from the viewpoint of improved pay balance that we used to have in the past. That’s why we’re getting prepared for long-term work amid the current circumstances," he said.

According to the Finance Minister, the present situation differs a lot from the crises of 1998 and 2008-2009. In this regard, the budget should be adjusted to the new realities, he said. "In particular, social expenditure should be allocated according to the principle of targeting and necessity," Siluanov noted.