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G20 wants Russia as G20 chair to focus on overcoming global crisis

September 25, 2012, 5:23 UTC+3
It is “highly likely” that Russia will have to deal with the subject of IMF reforms as the Group of Twenty chair
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MEXICO CITY, September 25 (Itar-Tass) —— Delegates from Group Twenty member countries voiced their expectation from Russia when it takes over presidency in that organization in early December, Russian Deputy Finance Minister Sergei Storchak told Russian journalists on Monday after a G20 working meeting here.

The meeting was held at the level of deputy finance ministers and deputy chairmen of Central Banks. “The majority of delegates spoke about what they want from Russia” as a future chairman in the Group of Twenty, Storchak said. Thus, in his words, they want Russia “to focus its efforts on key subjects of the organization’s agenda,” such as “overcoming the global economic crisis and creating conditions for sustainable development.”

They also raised subjects “considered by the G20 for a number of years,” on which “no final decisions have been taken,” Storchak noted. Such subjects include “regulation of financial cross flows, global imbalances, assessment of structural reforms in countries.”

According to the Russian deputy finance minister, the Mexico City meeting discussed also reforms in the International Monetary Fund (IMF). The countries “presented their domestic reports, which proved that there is still no consensus on this matter between member countries,” he noted. It is “highly likely” that Russia will have to deal with the subject of IMF reforms as the Group of Twenty chair.

Storchak also said that the meeting also discussed the agenda of the meeting of the Group of Twenty finance ministers to be held in Mexico City on November 4 to 5. The agenda is likely to include “the state of the global economy and execution of framework agreements, financial regulation and access to financial services, mineral and food markets, including problems of the energy sector, and the Group of Twenty future and the reform of the global financial system,” he added.

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