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MOSCOW, September 5 (Itar-Tass) - In connection with the Group of Twenty (G20) summit that is opening in St. Petersburg on Thursday, the Vedomosti newspaper sums up Russia’s G20 presidency. Russia took over the G20 presidency on December 1, 2012. Since then, “Russia has made ··an inventory of all the commitments assumed by the G20 participants that had been declared in Seoul in 2010,” the newspaper writes. “The action plan specified fiscal consolidation to ensure sustainable economic growth; improving the stability of financial markets; conducting structural reforms and support for global demand, promoting the creation of jobs; mutual assessment of conformity of the G20 countries’ economic policy with the global objectives; IMF modernization,” the Vedomosti newspaper recalls.
“In late August, Russia presented the results: the plan is about 50% fulfilled.” Of the 67 commitments of the G20 in the development sphere 33 were assessed as fulfilled, 33 - as currently being in progress, Kseniya Yudayeva, the summit coordinator and head of the RF presidential expert department, said, the daily writes. “A good work result,” Russia’s Deputy Finance Minister Sergei Storchak said.
In late August, Russian President Vladimir Putin summed up the first results of Russia’s presidency: in addition to measures of short-term support of economic growth in 2013, the sides agreed to adopt medium-term strategies. According to him, one of the development commitments - to create a stabilization fund of BRICS countries, has been almost fulfilled. “The final decision may be made at the summit of G20 leaders in St. Petersburg,” Putin stated.
“The proposal to create a stabilization fund of BRICS was put forward by Brazil in 2012, so that the countries could support their partners if the capital account deteriorates. The agreement on the formation of the fund was signed by the five countries’ finance ministers in March 2013,” the newspaper notes.
“BRICS countries want to build a line of defense in response to a change in the US monetary policy: they are concerned over the Federal Reserve System’s intention to start reducing the quantitative easing program at $85 billion per month,” the Vedomosti newspaper informs.