Russian sherpa against putting off G20 initiative about IMF
MOSCOW. Oct 26 (Interfax) - An initiative concerning the International Monetary Fund (IMF) that has been approved at a Group of 20 summit must be put into practice as scheduled, Russia's G20 sherpa argued, rejecting proposals by European officials for putting off its implementation because of a threat of a new wave of a crisis.
"At one of the former G20 summits an agreement was reached to enlarge the capital and redistribute quotas in the IMF with developing countries receiving a bigger role," Arkady Dvorkovich, who is an aide to the Russian president, told the Voice of Russia radio station.
"Today, in view of the threat of the new wave of a crisis, some European officials say this decision should be put back and that the current problems should be sorted out, and that only after that the quotas should be redistributed," he said.
"This would be wrong, previous decisions should be carried out and compromises should be sought concerning the solution of current problems," Dvorkovich said.
He also said that at the G20 summit in Canada last year an agreement was reached to cut the budget deficits and debts by certain amounts within four years.
"We are not yet sure that all countries are in a position to cope with such plans. And at every meeting we remind our partners, we insist that they publish their intentions about this," he said.
At the planned G20 summit in Cannes, France, on November 3-4, "Russia will hold the same position as it has held all of the past three years," Dvorkovich said.
"All G20 countries should pursue a coordinated policy that would be able to stabilize the situation in the world economy. Predictable and reasonable things should be done, excessive protectionism should be avoided, domestic demand should be stimulated in order to sustain business activity," he said.
He also mentioned initiatives put forward by the Russian president at G20 meetings. One was to develop an algorithm to deal with emergencies during offshore oil production and the transportation of oil from offshore fields, and another was to revise legislation on the protection of property rights to content published on the Internet.
