Vladimir Putin: We believe the G20’s main objective is to create new instruments for stimulating growth in all parts of the world
On February 15, President of Russia Vladimir Putin welcomed G20 finance ministers and central bank governors to the Kremlin. In particular, the meeting addressed the global economic situation, the actions of G20 nations to stimulate growth in the global economy and the re-establishment of trust in the financial markets.
In his opening remarks, Vladimir Putin noted that modern challenges place stricter demands on institutions of global governance and call for closer coordination of economic policy. "Adjusting these institutions, creating effective new instruments for eliminating the imbalances that have built up and stimulating growth in all parts of the world - these are the main tasks for the G20 and for Russia's presidency," the Russian President stressed.
Vladimir Putin also spoke in detail about the agenda proposed by Russia for the G20 in 2013 and its main priorities, including encouraging investment, increasing transparency and making regulation more effective. According to Mr Putin, these priorities make it possible to unite all areas of the G20's work to reach the set objectives.
"Overall, as we see it, all of the issues on the agenda we have proposed are closely interlinked and complement each other. For example, creating a good environment for investment growth automatically includes adjusting financial instruments, carrying out structural reform, and fighting corruption," the President of Russia noted.
Vladimir Putin expressed his opinion that the investment issue is also closely linked to another financial priority - managing state debt. "Only by following a clear and transparent policy to manage fiscal deficits and state debt can countries win the necessary confidence from investors. Investment, transparency, and effective regulation are thus issues that concern all items on our agenda," Mr Putin said.
In concluding his opening remarks, Vladimir Putin said he hopes that the discussions by the G20 finance ministers and central bank governors will produce the effective solutions and recommendations that are needed and that will form the foundations for work at the G20 summit in St Petersburg in September.