19 July 2013, 09:52

Global economic growth tops G20 Finance Ministers’ meeting in Moscow

Министр финансов Антон Силуанов Гайдаровский форум 2013 Россия и мир: вызовы интеграции

Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

A two-day G20 Finance Ministers’ and Central Bank Governors’ meeting opens in Moscow on Friday. It will focus on the search for sources of investments into economic growth, taxation transparency, business policy and the International Monetary Fund’s reform.

It is expected that on Friday, the Secretary General of the Organization for Economic Cooperation and Development Angel Gurria will present an OECD report on tax base reduction and profit transfer. Specialists offer to make taxation more transparent through establishing international exchange of information as well as through compelling companies to disclose final beneficiaries.

“One of the main issues on the agenda will be the search for sources of investments into economic growth,” Russian Finance Minister Anton Siluanov said. 

“Today the issue regarding sources of the global economic growth tops the global agenda. Under the current conditions the bank crediting is being gradually curtailed, the budget sources are restricted, therefore attraction of institutional investors is one of the pressing themes of the current debates,” he said.

He said the session, in particular, will discuss mechanisms to attract private investments after institutional ones.

“To interlink funds of private and institutional investors is our major task. Without long-term investments we will be unable to ensure high economic growth rates,” he said.

The issue of debt burden’s predictability will be also discussed, Siluanov said.

“As high debt volumes create uncertainly for investors, at the G20 Finance Ministers’ and Central Bank Governors’ meeting we plan to raise the issue of medium-term guidelines for debt policies of the countries that had accumulated large debts. We should tell investors about confidence in certain countries, about their debt policies and about whether they will pile up their debts or whether they will restrict or reduce them,” the minister said.

The G20 finance ministers will also discuss monetary measures to support economies. Siluanov also said he did not expect any major progress in the issue of reforming the IMF quota system. He said this theme got bogged down, as the U.S. Congress had not ratified a new system. “We will wait for autumn. Possibly the Congress will once again consider this issue in autumn,” he said. “Before the end of the year there will be another meeting of the G20 finance ministers. If the Congress manages to consider that matter before it, we will get back to it,” he said.

He did not rule out that the issue could be mentioned during the upcoming session. “Many countries are interested in seeing the IMF reform shortly, and seriously react to the lack of progress on that issue,” the minister marked.

After the session, the financial G20 will pass a communiqu· that will underlie the agenda of the G20 summit in St. Petersburg in September.

At the present time, 19 countries and the European Union have the status of permanent members in G20. G20 brings together Argentina, Australia, Brazil, Great Britain, Germany, India, Indonesia, Italy, Canada, China, Mexico, Russia, Saudi Arabia, the United States, Turkey, France, South Africa, South Korea and Japan.

Voice of Russia, TASS

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