Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

G-20 - Group of Twenty Finance Ministers and Centr : Prime Minister Dmitry Medvedev’s interview with Reuters

11/06/2013 | 05:39am US/Eastern

Among the issues covered in an interview with Reuters, Russian Prime Minister Dmitry Medvedev spoke about the fulfillment of Russia's G20 commitments.

Particularly, he mentioned the need for stimulating economic growth, one of the key priorities of Russia's G20 Presidency. The issue was extensively discussed at the G8 Summit in Lough Erne, Northern Ireland, last June. Dmitry Medvedev believes there is no point in determining whether growth, fiscal consolidation or steady development is more important. "I don't think there is any such dilemma. Long-term economic development is impossible without fiscal consolidation and macro-economic stability," the Prime Minister stressed. "Perhaps we could make some progress without it, but it would be short-lived. Real, steady development is only possible with fiscal consolidation, accurate accounting of what the government can afford to spend on different areas of importance, and a stable financial environment, with inflation and unemployment under control, along with foreign and domestic debt."

Medvedev also spoke about the measures being taken by the Russian Government to achieve set goals. He believes there is not a one-size-fits-all solution for stimulating economic growth. The business credit terms are being improved. Action is being taken to change the general structure of the Russian economy and to switch from industrial to innovative development. This could prompt not only small but also large businesses - that are rather idle and content with simply getting results - to pay for innovations and implement them in their work. Also in the interview, Medvedev mentioned the changes in the Russian law aimed at fighting corruption. Particularly, a system has been implemented for public workers to declare and report on their income.

The Prime Minister also recalled that the G20 member states had assumed obligations to stay within the agreed upon budget deficit parameters. "I can assure you that Russia honours its commitments," Dmitry Medvedev said. "Our budget deficit is actually hovering around zero. The situation was more complicated during the crisis, but since then we have balanced our budget and have been working to keep it deficit-free, which cannot be said about many European or other countries. I believe this is a matter of responsible economic policies: to ensure a normal balance of revenue and expenditures and an inflow of investment, at least for a predictable period, in order to guarantee macroeconomic stability, while doing what we have been discussing for a long time, that is, targeting inflation and setting the inflation rate as a key indicator of the country's development."

distributed by
Latest news
Date Title
<1m ago Centenary Celebrations for Resident at Pinehurst
9m ago GOVERNMENT OF RUSSIAN FEDERATION : Meeting on the textile industry
12m ago HONEYWELL : The National Center for Missing & Exploited Children and Honeywell Launch Innovative Abduction Prevention Program
12m ago SUNPOWER : Buckman Direct Diversion Receives New Mexico Infrastructure Finance Conference
12m ago ARKEMA : Export-Import Bank Small Business Success: Houston, Texas
21m ago National grid fails leaving country without power
35m agoDJChina Manufacturing Falls to Five Month Low -- 2nd Update
47m ago Bangladesh hit by electricity blackout
50m ago AFCON : Keshi Returns, Names Ik Uche, 24 Others for AFCON Qualifiers
52m ago MICROSOFT : releases new Outlook for Mac
Latest news
Advertisement
Hot News 
BANCO ESPIRITO SANTO : Angola brings oil firm Sonangol into local BES bank
1SPATIAL : Interim Results for the six month period ended 31 July 2014
ULS TECHNOLOGY : Plunges As Improved Results Still Won't Meet Forecasts
REGIONAL MANAGEMENT : NYSE stocks posting largest percentage decreases
OPLINK COMMUNICATIONS : posts 1Q profit
Most Read News
1d ago J.P. MORGAN FOUND HACKERS THROUGH BREACH OF CORPORATE EVENT WEBSITE : media
1d ago GRUPO CARSO DE C V : Mexico could help realise Central America economic plan - ministry
1d ago EXCLUSIVE - U.S. PROBING STANDARD CHARTERED OVER DUBAI BANKING : sources
1d ago NETFLIX : Amazon hits back in on-demand TV war with Netflix: Comedy drama Transparent hailed as internet service's answer to House of Cards
1d ago Herbalife to pay $15 million to settle class action lawsuit
Most recommended articles
35m agoDJChina Manufacturing Falls to Five Month Low -- 2nd Update
4h ago China's October factory growth unexpectedly hits five-month low - official PMI
4h ago CHINA'S OCT FACTORY GROWTH UNEXPECTEDLY HITS FIVE-MONTH LOW : official PMI
4h agoDJChina Manufacturing Falls to Five Month Low -- Update
1d ago J.P. MORGAN FOUND HACKERS THROUGH BREACH OF CORPORATE EVENT WEBSITE : media
Dynamic quotes  
ON
| OFF