Transcript of 90 minute speech. Read it all and compare and contrast to your own politicians, and any other nations's politicians.

See Gilbert Doctorow's critique of the New York Times article on this speech here.

Members of the Federation Council,
State Duma deputies,
citizens of Russia,

Today’s Address is primarily devoted to matters of domestic social and economic development. I would like to focus on the objectives set forth in the May 2018 Executive Order and detailed in the national projects. Their content and the targets they set are a reflection of the demands and expectations of Russia’s citizens. People are at the core of the national projects, which are designed to bring about a new quality of life for all generations. This can only be achieved by generating momentum in Russia’s development.

These are long-term objectives that we have set for ourselves. However, work to achieve these strategic goals has to begin today. Time is always in short supply, as I have already said on numerous occasions, and you all know this all too well. There is simply no time for getting up to speed or making any adjustments. All in all, I believe that we have already completed the stage of articulating objectives and outlining tools for achieving our goals. Departing from the targets that were outlined would be unacceptable. It is true that these are challenging objectives. That being said, lowering the requirements for specific targets or watering them down is not an option. As I have already said, these are formidable challenges that require us to undertake major efforts. However, they are in step with the scale and pace of global change. It is our duty to keep pushing ahead and gaining momentum.

If someone prefers to work in the business as usual mode, without challenges, avoiding initiative or responsibility, they had better leave immediately. I already hear that some things are “impossible,” “too difficult,” “the standards are too high,” and “it will not work.” With such an attitude, you had better stay away.

Besides, you cannot fool the people. They are acutely aware of hypocrisy, lack of respect or any injustice. They have little interest in red tape and bureaucratic routine. It is important for people to see what is really being done and the impact it has on their lives and the lives of their families. And not sometime in the future, but now. We must not repeat the mistakes of the past decades and wait for communism to arrive. We have to change the situation for the better now.

Therefore, the work of the executive branch at all levels should be coordinated, meaningful and energetic. The Government of Russia must set the tone.

At the same time, I would like to emphasise and repeat: our development projects are not federal and even less so agency-based. They are national. Their results must be visible in each region of the Federation, in every municipality. It is here, on the ground, that the majority of specific tasks is implemented.

Allow me to underscore: thanks to years of common work and the results achieved, we can now direct and concentrate enormous financial resources – at least enormous for our country – on development goals. These resources have not come as a rainfall. We have not borrowed them. These funds have been earned by millions of our citizens – by the entire country. They need to be applied to increase the wealth of Russia and the wellbeing of Russian families.

Very soon, this year people should feel real changes for the better. It is on the basis of their opinion and assessments at the beginning of next year that we will evaluate the first results of our work on the national projects. And we will draw the appropriate conclusions about the work quality and performance at all levels of executive power.

Colleagues,

Let me now share some specifics on our objectives. I will begin with the key objective of preserving our nation, which means providing all-around support to families.

...

Fourth, the Government and the Central Bank need to consistently maintain the policy to lower mortgage rates to 9 percent, and then to 8 percent or below, as stipulated in the May 2018 Executive Order. At the same time, special measures of support should be provided for families with children, of course. As a reminder, last year, a preferential mortgage programme was launched for families that have had their second or subsequent child. The rate for them is 6 percent. Anything higher is subsidised by the state. However, only 4,500 families have used the benefit.

The question is why. It means that people are somehow dissatisfied with the proposed conditions. But it is also clear why. A family making a decision to buy housing certainly makes plans for a long or at least medium term, a lasting investment. But with this programme, they take out a loan, start paying the instalments, and the grace period ends. The interest is actually subsidised only for the first 3 or 5 years. I propose extending the benefit for the entire term of the mortgage loan.

Yes, of course, it will require additional funding, and the cost will be rather high: 7.6 billion rubles in 2019, 21.7 billion rubles in 2020, and 30.6 billion rubles in 2021. But the programme is estimated to reach as many as 600,000 families. We certainly need to find the money. We know where to get it. We have it, and we just need to use it in the areas that are of major importance to us.

And one more direct action solution. Considering the sustainability and stability of the macroeconomic situation in the country and the growth of the state’s revenues, I consider it possible to introduce another measure of support for families having a third and subsequent children. I suggest paying 450,000 rubles directly from the federal budget to cover this sum from their mortgage. Importantly, I propose backdating this payment starting January 1, 2019, recalculating it and allocating relevant sums in this year’s budget.

Let us see what we have. If we add this sum to the maternity capital, which can also be used for mortgage payments, we will get over 900,000 rubles. In many regions, this is a substantial part of the cost of a flat. I would like to draw the attention of the Government and the State Duma to this issue. If need be, the budget will have to be adjusted accordingly. An additional 26.2 billion rubles will be required for this in 2019. The relevant figures for 2020 and 2021 are 28.6 billion rubles and 30.1 billion rubles, respectively. These are huge funds but they should be allocated and used in what I have already described as a very important area.

...

Colleagues, we are facing ambitious goals. We are approaching solutions in a systematic and consistent way, building a model of socio-economic development that will allow us to ensure the best conditions for the self-fulfillment of our people and, hence, provide befitting answers to the challenges of a rapidly changing world, and preserve Russia as a civilisation with its own identity, rooted in centuries-long traditions and the culture of our people, our values and customs. Naturally, we will only be able to achieve our goals by pooling our efforts, together in a united society, if all of us, all citizens of Russia, are willing to succeed in specific endeavours.

Such solidarity in striving for change is always the deliberate choice of the people themselves. They make this choice when they understand that national development depends on them, on the results of their labour, when a desire to be needed and useful enjoys support, when everyone finds a job by vocation one is happy with, and most importantly, when there is justice and a vast space for freedom and equal opportunity for work, study, initiative and innovation.

These parameters for development breakthroughs cannot be translated into figures or indicators, but it is these things – a unified society, people being involved in the affairs of their country, and a common confidence in our power – that play the main role in reaching success. And we will achieve this success by any means necessary.

Thank you for your attention.

Vladimir Putin