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Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- INTRODUCTION -- INSTITUTIONAL FRAMEWORK -- A. Institutional Setting -- B. Domestic Coordination and Cooperation -- C. Cross-Border Coordination and Cooperation -- CRISIS PREPAREDNESS -- A. Financial Stability Assessment and Contingency Planning -- B. Strengthening Banks' Loss Absorption Capacity -- C. Recovery and Resolution Planning -- EARLY INTERVENTION AND RESOLUTION TRIGGERS -- A. Early Intervention -- B. Triggers for Entry into Resolution -- CRISIS MANAGEMENT -- A. Scope of Resolution Regime -- B. Resolution Powers and Safeguards

This 2014 Article IV Consultation highlights that the Russian Federationâ??s growth slowdown that began in 2011, reflecting structural constraints, continued in 2013 despite accommodative policies. Real GDP growth slowed to 1.3 percent owing to a contraction in investment while consumption remained robust owing to strong real wage growth and an unsecured consumer credit boom. The general government balance moved from a modest surplus in 2012 to a deficit of slightly more than 1 percent of GDP in 2013. The IMF staff projects real GDP growth at 0.2 percent in 2014 with considerable downside risk

Cover -- CONTENTS -- CONTEXT: SOUND MACROECONOMIC FRAMEWORK BUT DEEPER REFORMS NEEDED -- RECENT ECONOMIC DEVELOPMENTS AND NEAR-TERM OUTLOOK -- MEDIUM-TERM OUTLOOK AND RISKS -- POLICY DISCUSSIONS: SLOW GROWTH UNDERSCORES THE IMPORTANCE OF CONTINUING THE REFORM EFFORT -- A. Extending Growth-Friendly Shifts in Taxes and Spending While Following the Fiscal Rule -- B. Monetary Policy: Easing Should Continue -- C. Financial Policies: Fostering Resilience and Addressing Emerging Risks -- D. Persisting with Structural Reforms to Lift Potential Growth -- STAFF APPRAISAL -- BOXES -- 1. Factors Behind Russia's Growth Slowdown -- 2. Assessing the Impact of the Pension Reform and National Projects on Potential Output Growth -- 3. Russia's National Projects -- 4. Natural Real Interest Rate (NRIR) in Russia -- 5. Further Improving Fiscal Transparency In Russia -- FIGURES -- 1. Real Sector Developments 2008-19 -- 2. Inflation and Monetary Policy, 2016-19 -- 3. External Sector Developments, 2007-19 -- 4. Fiscal Policy, 2002-24 -- 5. Banking Sector Developments, 2008-2019 -- 6. Macro-Financial Developments, 2008-2018 -- TABLES -- 1. Selected Macroeconomic Indicators, 2016-24 -- 2. Balance of Payments, 2016-24 -- 3. External Financing Requirements and Sources, 2018-24 -- 4. Fiscal Operations, 2016-24 -- 5. Monetary Accounts, 2016-24 -- 6. Medium-Term Framework and Balance of Payments, 2016-24 -- 7. Financial Soundness Indicators, 2013-18 -- ANNEXES -- I. Risk Assessment Matrix -- II. Implementation of Past IMF Recommendations -- III. Debt Sustainability Analysis -- IV. FSAP Key Recommendations -- V. External Sector Assessment -- VI. Long-Term Growth: Experiences and Challenges -- VII. The Natural Interest Rate in the Russian Federation: A Preliminary Assessment -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH OTHER FINANCIAL INSTITUTIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- RUSSIA'S FISCAL FRAMEWORK AND THE OIL-PRICE SHOCK -- A. Introduction -- B. Fiscal benchmarks -- C. Fiscal Rule -- D. Conclusion -- TABLES -- 1. Baseline Assumptions -- 2. Baseline Results -- 3. Sensitivity Analysis -- 4. Fiscal Rule -- ANNEXES -- I. Long-term Fiscal Sustainability Analysis -- II. The Russian Fiscal Rule -- EXCHANGE RATE PASS-THROUGH TO INFLATION. IS RUSSIA DIFFERENT? -- A. Introduction -- B. Stylized Facts -- C. Results. Size and State Dependent Nature of the ERPT in EMs -- D. Conclusion and Policy Implications -- FIGURES -- 1. Exchange Rate Depreciation in Emerging Markets -- 2. Exchange Rate Pass-through to Inflation in Russia -- 3. Inflation, Depreciation and Respective Volatilities -- 4. Assymetries, Non Linearities and Inflation Targeting -- 5. Exchange Rate Pass-through during 10 Percent Depreciation Episodes -- 6. Exchange Rate Pass-through during 20 Percent Depreciation Episodes -- 7. ERPT during Appreciation versus Depreciation -- 8. ERPT during Inflation Targeting versus Other Regimes -- TABLES -- 1. ERPT Coefficients - Linear Model -- 2. Exchange Rate Pass-through Coefficient in the Non-linear Model -- 3. Coefficients Appreciation versus Depreciation -- APPENDIX -- I. Empirical Strategy -- REFERENCES -- FOSTERING FINANCIAL SECTOR CONTRIBUTION TO GROWTH -- A. Introduction -- B. Dissecting Russia's Financial System Performance -- C. Reaping the Benefits of More Financial Development -- FIGURES -- 1. Capital Utilization and Investment -- 2. Firms' Financing Structure -- 3. SME Financing -- 4. Financial Development Index -- 5. Financial Depth -- 6. Banking System Structure -- 7. Measures of Efficiency of the Banking System -- TABLE -- 1. Components of the Financial Development Index -- REFERENCES.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy: Short-term Stimulus, Medium-term Consolidation -- B. Monetary Policy: Measured Normalization -- C. Financial Sector: A Tailored Policy Response -- D. Structural Policies: Re-invigorate the Reform Agenda -- STAFF APPRAISAL -- BOXES -- 1. Impact of Sanctions -- 2. Authorities' Policy Response -- 3. Regional Spillovers -- 4. Russia's Fiscal Rule -- 5. Exchange Rate Pass-through -- 6. Features of the Government's Bank Capital Support Program -- 7. Russian Banking System and Growth -- FIGURES -- 1. Recent Developments -- 2. Monetary and Financial Developments, 2013-15 -- 3. Banking Sector Developments, 2008-15 -- 4. Banking Sector Soundness, 2011-15 -- 5. Corporate Sector Developments, 2008-15 -- 6. Selected Macroeconomic Indicators: 2000-20 -- 7. External Position, 2008-15 -- 8. Exposures to Russia, 2014 (or the latest available) -- 9. Fiscal Policy, 2000-20 -- 10. Inflation Expectations, 2009-15 -- 11. Russia Faces Structural Problems, 2014 -- 12. External Debt Sustainability: Bound Tests -- TABLES -- 1. Selected Macroeconomic Indicators, 2008-16 -- 2. Balance of Payments, 2012-20 -- 3. External Financing, 2012-20 -- 4. Fiscal Operations, 2012-20 -- 5. Monetary Accounts, 2012-20 -- 6. Financial Soundness Indicators, 2012-15 -- 7. Medium-Term Framework and Balance of Payments, 2012-20 -- 8. Public Sector Debt Sustainability Analysis (DSA)-Baseline Scenario -- 9. Public DSA-Composition of Public Debt and Alternative Scenarios -- 10. Public DSA-Stress Tests -- 11. External Debt Sustainability Framework, 2009-19 -- ANNEXES -- I. Implementation of Past IMF Recommendations -- II. External Sector Assessment -- III. Risk Assessment Matrix (RAM) -- IV. Key FSAP Recommendations and Implementation -- CONTENTS -- FUND RELATIONS.

Intro -- Contents -- Preface -- 1 Overview -- 2 Macroeconomic Policymaking -- 3 Structural Reforms and the Growth Outlook -- 4 Tax Reform in Russia -- 5 Public Expenditure Reform -- 6 Banking Crisis and Recovery -- 7 Debt Crisis in Russia: The Road from Default to Sustainability.