Russia says outlook upgrade affirms policy, fiscal tightening must continue

[MOSCOW] The upgrade in Moody's outlook on Russia's debt confirms the government has adopted a correct macroeconomic policy, but more needs to be done to reduce budget deficit, finance minister Anton Siluanov said on Friday.

"The next step should be to reduce the unsustainable in the long-term budget deficit and ensure transition to a stable economic growth," Mr Siluanov told journalists.

Overnight, Moody's rating agency changed its outlook on Russia's debt to stable from negative, but left rating unchanged.

REUTERS