G20 Financial Stability Board Hold Plenary Meeting

статья 2 англ

The Financial Stability Board (FSB) Plenary Meeting, organized by the Russian Central Bank together with the Ministry of Finance and the Secretariat of the FSB was held in Moscow on November 7-8.

The participants in the plenary meeting determined priorities of the FSB work in the key areas of financial regulatory reform for 2014, including the creation of more resilient financial institutions, systematic financial institution regulation, strengthening of oversight and regulation of shadow banking, and over-the-counter derivatives market reforms.

They also confirmed key tasks to be addressed at the Brisbane Summit in Australia.

The heads and deputy heads of the G20’s fiscal authorities and some other jurisdictions, representatives of international financial organizations (European Central Bank, the International Monetary Fund, the Organization for Economic Cooperation and Development, the World Bank) and standard setting bodies attended the meeting.

Business G20 Summary: World Leaders Adopt “St. Petersburg Plan” of Economic Development

Второе рабочее заседание участников саммита "Группы двадцати"

The last day of the G20 summit in St. Petersburg was devoted mainly to discussions of economic issues. The main topics were unemployment, investments and barriers that hamper trade between countries. The summit’s participants adopted a declaration that sums up the summit’s results. Experts are already saying that the economic part of this declaration is one of the most constructive plans that any summit of the G20 has ever adopted.

The summit’s last day started with reports of expert groups – the so-called “business 20” and “economic 20”. The experts presented their recommendations about how to create favorable conditions for businesses. To create better conditions for businesses, the participants included a point in the summit’s declaration in which they promise to reject protectionist practices in business.

One of the most acute problems of today is unemployment. In the majority of countries, the unemployment level is still higher than it used to be before the economic crisis broke out.

Russia’s President Vladimir Putin believes that attracting more foreign investments to Russia may help to create more jobs.

The summit’s participants tried to jointly seek for ways of how to attract long-term investments into economy and for new sources of financing. In their opinion, one of the main tasks should be stimulation of private investments, including investments in infrastructure. But for this goal, a number of problems should be solved – problems that have to do, mainly, with freedom of capital flow, lack of highly profitable projects and deficit of financing.

The Foreign Ministers of Russia and China to Discuss Preparations for the SCO Summit

ван и англ

Implementation of the agreements of Russian and Chinese leaders, as well as preparation for the upcoming SCO summit in Bishkek will be discussed by the Russian Foreign Minister Sergei Lavrov and the Chinese Foreign Minister Wang Yi.

“Now we have a good opportunity to see what steps we need to take in order to fulfill the objectives set by the leaders of the two countries, including the meeting that had taken place the day before,” – Lavrov said at the beginning of the meeting with his Chinese counterpart.

Wang Yi gave a high estimation of yesterday’s meeting between President Xi Jinping and Russian President Vladimir Putin.

“The talks were held in a constructive and practical atmosphere,” – he said.

Russia to Allocate Money to BRICS Bank From Federal Budget

статья 2 англ

Russia will allocate money from its federal budget to make the fee to BRICS Bank, and money from international reserves to make the fee to BRICS’ currency reserve pool, Russia’s Deputy Finance Minister Sergei Storchak said on Friday.

“Finance ministries are forming the capital of BRICS bank,” he said. “Those would be money from the federal budget, the money from taxpayers. Those would be the federal budget’s expenses.”

As for the currency reserve pool, it is being formed differently. “Thus, it is being called a virtual pool,” Storchak said.

“We are speaking about the agreements with central banks that we are forming a legal base, where we would be able to make swap operations, if necessary. Against national currencies, the pool’s participants will use dollars,” the deputy finance minister said.

On Thursday, Russia’s President Vladimir Putin called an important economic achievement the organization of the Bank, where the initial capital would be $50 billion.

On Thursday, Russia, Brazil and India announced they would make payments of $18 billion each into BRICS’ currency reserve pool, China would make a payment of $41 billion, and South Africa – five billion dollars. Thus, the total currency reserve will amount to $100 billion.

Russia and Japan Are Increasing Their Turnover and Deepening Cooperation in Many Areas, Putin Said at the Meeting with Abe

япония англ

Russian President Vladimir Putin welcomed Japanese Prime Minister Shinzo Abe at the G20 summit in St. Petersburg, noting that the two countries have a regular contact, trade turnover is growing and cooperation is deepening in many areas.

Shinzo Abe wished success to Russia in the Winter Olympics in Sochi in 2014. According to him, at the end of the day, he would be forced to leave the summit in connection with a trip to Buenos Aires, but Deputy Prime Minister Taro Aso would continue to participate in the event instead.

Lavrov and Shoigu to Visit Japan on November, 1-2

абэ англ

Russian Foreign Minister Sergei Lavrov and Defense Minister Sergei Shoigu will visit Japan on November, 1-2 to attend a meeting with their Japanese counterparts in “two plus two” format. Moscow hopes that this format would be useful for the further development of contacts between the two countries.

“We intend to apply new forms of cooperation between Japan and Russia. According to your initiative in early November two Russian ministers are due to visit Tokyo – Minister of Defense and Minister of Foreign Affairs. I’m sure that this format will continue to contribute to the development of our relations. I hope for it very much, “- Russian President Vladimir Putin said at the beginning of the meeting in the margins of the G20 summit, addressing to the Japanese Prime Minister Shinzo Abe.

The Japanese prime minister, in his turn, noted that “the political dialogue between the two countries is going on at a good pace.” “I am pleased that Minister Lavrov and Russia’s defense minister will arrive in Japan on November 1-2,” – said Abe.

Lavrov Planning to Meet UN/LAS Special Envoy within G20 Summit

статья 1 англ

Russian Foreign Minister Sergei Lavrov said he was planning to meet his G20 colleagues on Friday, September 6.

U.N./LAS Special Envoy for Syria Lakhdar Brahimi is invited to take part in the meeting, Lavrov said.

“Brahimi will take part in the G20 summit. He is member of the U.N. delegation led by Secretary-General Ban Ki-moon,” the Russian minister said.

“Tomorrow I’ll hold a working breakfast with the G20 foreign minister and Brahimi is invited to take part in it,” he said.

On Wednesday, September 4, Lavrov said in a telephone conversation with Brahimi that it was unacceptable to use force against Syria by-passing the U.N. Security Council. “The use of force is a gross violation of international law,” he said.

Russia Supports the “St. Petersburg Plan” for the Development of the World Economy

россия англ

The success of the upcoming G20 summit would be the adoption of the so-called “St. Petersburg Plan” for the development of the world economy and creating new jobs.

According to Vladimir Putin, it is also necessary to address several sub-tasks, among them is the promotion of investments, making the world economy more open, the work in the area of ​​tax administration, banking system. The President of Russia said that the authors of the “St. Petersburg Plan” agreed on a number of items related to the fight against corruption, on what to do in dealing with offshore companies.

The G20 summit will be held in St. Petersburg on September 5-6.

Reforms of World Tax System to Become Key Issue of G20 Summit

статья 2 англ

Financial regulation, economic equality and improvement of tax policy should be key issues on the agenda of the upcoming G20 summit in Saint Petersburg, said prominent economists and experts at an international conference.

During the conference G20: Partnership for Growth and Employment, the most important issues of the September summit were discussed, including investments in infrastructure, state debt management and creation of new jobs.

A reform of the current tax system is going to be one of the key issues at the summit as the system has faced difficulties recently. The main problem is tax evasion by big businesses. On the G20 leaders’ request, the Organization for Economic Co-operation and Development prepared a new plan for the fight against tax avoidance.

However, reforms of the legislation don’t mean the state’s involvement in the business. The plan envisages 15 steps. According to experts, it will be the biggest reform of the world tax system over the last 100 years. Officially, it is to be introduced at the forum in Saint Petersburg on September 5-6. The plan is expected to be implemented within two years.

Vladimir Putin: Strategic Goal of the G20 Countries Is Still to Ensure the Sustainable Growth

путин англ

A strategic goal of the G20 is to ensure strong, sustainable, balanced and inclusive growth for all the states. This opinion was expressed by Russian President Vladimir Putin in a special message on the occasion of the upcoming summit of the “Group of Twenty” in St. Petersburg, which will be held on September 5-6.

Putin said that this year the “Group of Twenty” is celebrating its 5th anniversary. “At the peak of the global crisis, its member countries have agreed on coordinated measures to support the global economy. We are committed to curb the trade protectionism, we have developed new principles of financial regulation, have determined the tasks of the economic policy coordination and reforming of financial institutions,” – he added.

According to the president, the measures taken let stop the crisis, stabilize global markets, improve the quality of supervision of systemically important financial institutions. From the start of Russian presidency in the organization Russia has identified the promotion of economic growth and job creation as its main objective, primarily through investment promotion, effective regulation, increase of transparency and confidence in the markets.