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G20 Finance Ministers’ Meeting to focus on investments into economic growth

July 17, 2013, 14:39 UTC+3
In particular, the discussion will also focus on mechanisms to attract private investments after institutional ones
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Anton Siluanov, Photo ITAR-TASS

Anton Siluanov, Photo ITAR-TASS

MOSCOW, July 17 (Itar-Tass) - The G20 Finance Ministers’ and Central Bank Governors’ Meeting due on July 19-20 will focus on the search for sources of investments into economic growth, taxation transparency, business policy and the International Monetary Fund’s reform.

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

“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.

In particular, the discussion will also focus on 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.

Speaking about the International Monetary Fund’s reform Siluanov regretted that this theme got bogged down, as the U.S. Congress had not ratified realignment of quota shares. However, this issue will be also discussed, he said.

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