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  • Ksenia Yudaeva and Sergei Storchak give a preview of the first day of the G20 Summit

Ksenia Yudaeva and Sergei Storchak speak on the first day of the G20 Summit

Opening the first day of the G20 Summit, Chief of the Presidential Experts' Directorate and the Russian G20 Sherpa Ksenia Yudaeva and Deputy Finance Minister Sergei Storchak held a briefing at the International Media Center. They spoke about the priorities of the Russian G20 Presidency and the main results of the preliminary work on the Sherpa and Financial tracks.

Ms. Yudaeva said the day before, deputy finance ministers had met to coordinate the joint statement of the G20 Leaders, and that the G20 Sherpas had held their own meeting before a meeting with the deputy finance ministers. As a result of these meetings, they have coordinated the final summit documents. "We have done everything we planned to do, and even more on some issues because a number of countries have assumed increased commitments," the Russian Sherpa said.

On the first day of the summit, the G20 Leaders will discuss the global economic situation, the progress of financial reforms, the tax reform proposals drafted in cooperation with the OECD, as well as issues of the global financial infrastructure.

"These discussions are usually very lively, even though the global economic situation is now much more stable than it was five years ago, or even a short while ago," Ms. Yudaeva said speaking about the agenda.

She also said that the Leaders would discuss development issues during a working lunch. UN Secretary General Ban Ki-moon is expected to report on the efforts to achieve the Millennium Development Goals (MDGs) and the drafting of a development agenda for the period after 2015.

"In addition, this meeting may address the G20 efforts to fight corruption, an area where considerable progress has been achieved during the Russian Presidency," the Russian Sherpa said.

Mr. Storchak spoke about the financial innovations proposed within the framework of the Russian Presidency. "In addition to our initial plan, we have managed to prepare decisions in three spheres," he said. The first is an action plan to tackle tax base erosion and profit shifting in low tax jurisdictions. Mr. Storchak expressed confidence that some G20 Leaders would highlight the tax issues, in particular efficient tax collection.

The second issue concerns the development of a special action plan for the simultaneous introduction of regulation standards and the oversight of shadow banking institutions.

And the third unplanned result is the preparation and adoption of fiscal strategies, in the majority of the G20 countries.

"The problems of the global financial system with regard to sovereign debts are not at all the plight of the emerging economies. Therefore, we agreed that the developed countries should adopt fiscal strategies. We have achieved this goal," the Deputy Finance Minister said.

Ksenia Yudaeva also said that the Sherpas had coordinated two more elements in addition to the traditional action plan adopted within the Framework for Strong, Sustainable and Balanced Growth. "The G20 countries will start developing and implementing measures to stimulate investment already at the end of the Russian Presidency and then during the Australian Presidency. We have also agreed that our countries will develop national employment strategies."