This is because alongside redistribution problems we have another adverse factor, namely, a highly complicated demographic situation. This leads to a worsening ratio between working-age and retirement-age population, which implies a heavier burden on public finances. Against this background, it has become crucial to create the right conditions and incentives for income-generating residents to start accumulating their own financial reserves for old age.
There is significant room for improvement with regard to development of fixed income markets, which have remained rather shallow and illiquid despite recent interest from foreign investors. Traditionally, fixed income markets are important channels through which public and private institutions avail of financial resources for medium- and long-term projects.