Alexei Kudrin: G20 has great prospects
The key outcome of Russia's G20 Presidency is the approval of the St.Petersburg Action Plan, Alexei Kudrin, Dean of the Department of Liberal Arts and Sciences, Saint Petersburg State University, told reporters at the International Media Centre. "This plan addresses the most burning issues facing the global economy. The attachments to the document contain commitments by governments to engage in fiscal consolidation, address the debt crisis and reduce the debt burden, foster growth, and support small and medium-sized businesses. Every phrase of the document is the result of extensive efforts," the expert said.
Mr. Kudrin has also praised materials produced by the Financial Track on long-term economic growth and investment. "We are facing a dilemma: how can we ensure economic growth in five years without sufficient investment incentives? Removing investment bottlenecks was the main issue on the agenda of the G20's Financial Track," he pointed out.
Reducing the debt burden is another crucial issue. Alexei Kudrin said that owing to the achievements of Russia's Presidency, many countries will have a number of new methods, procedures and standards for debt accounting at their disposal.
"I have high confidence in the G20. This forum has great prospects," he said, adding that over the last several years the G20 successfully addressed a number of issues, such as developing a substantial package on financial regulation, which is already being implemented, and introducing new standards and norms for the financial sector. Furthermore, the expert highly rated the efforts of Civil 20. "As an economist, I realized at a certain point that we would not be able to overcome our economic challenges without operating in a proper and transparent manner or without an active civil society," Kudrin said.
In response to a question on the benefits of Russia's one-year presidency of the G20, Alexei Kudrin said that the agenda was developed with input from a number of institutions and organizations. "It will serve as a good shake-up for Russian experts and get them involved in the global agenda. I think that after this (Russia's G20 Presidency) new experts will appear in many organizations and institutions who will explore new avenues for integrating Russia into the global economy," he said.