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President Vladimir Putin: Good afternoon, colleagues,

Today we will discuss a number of topical issues. We need to examine problems related to the development of our country’s financial system. We also need to examine the state of progress on drafting a long-term social and economic development policy concept for the country through to 2020.

We will also review once again the situation world financial markets arising from the problems on the mortgage market in the United States. I think that the measures taken by the Government and the Central Bank have enabled us to steer a stable course through these fluctuations on the world markets.

We will look at the prospects for developing Russia’s own financial system over the short-term and medium-term periods.

I think we also need to identify our tasks in the area of the Government’s work on strategic policy development.

Work is currently underway on drafting the long-term social and economic development concept for the country through to 2020. We have high expectations indeed of this document. We therefore need to ensure that it states clearly our priorities not just in building an innovative economy but also in diversifying the structure of our economy. This document must make clear our commitment to ongoing improvement of our country’s social institutions and ensuring they provide greater returns to our citizens.

Most importantly, this document must explain clearly the means, methods and instruments we intend to use to reach the stated objectives. If it does not set out clearly all of these aspects, it will remain only declarative in nature.

I ask you to be attentive to these issues. This policy document is to serve as the guideline for the executive and the legislative branches of power’s work over the period through to 2020.

The concept document should be adopted by February of next year.