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G20 agrees to assist euro zone states thru IMF mechanisms – Siluanov

November 04, 2011, 18:25 UTC+3
Russia believes that countries experiencing financial problems will have to validate their appeals to the IMF with action plans
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CANNES, November 4 (Itar-Tass) —— The G20 has agreed to assist euro zone member countries experiencing financial problems through International Monetary Fund (IMF) mechanisms, but no exact sums of the prospective aid are given in the G20 Cannes summit communique, Russian Acting Finance Minister Anton Siluanov said.

“The summit basically supported efforts of the euro zone countries to overcome the debt crisis and agreed to use the time-tested mechanisms of the IMF,” he said. The most efficient instrument is bilateral borrowings between a country and the IMF. “Russia supports this instrument, and it has gained support of the majority of countries,” he said.

“The precise amounts of the assistance were discussed at the summit, but the final communique said only that the G20 countries were ready to assist the settlement of sovereign debts,” he said.

Russia believes that countries experiencing financial problems will have to validate their appeals to the IMF with action plans, Siluanov said.

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