Russia Is Taking An Active Part In The Process Of Restructuring The Debt Of The Poorest Countries

Being a full-fledged member of international financial organizations, Russia is taking an active part in the process of restructuring the debt of the poorest countries, which means that it should provide them assistance worth billions of dollars. Russian vice-premier and finance minister Alexei Kudrin told this a conference of the heads of Bretton-Wood institutions and members of the UN Economic and Social Council (ECOSOC) held in UN headquarters. The conference was held behind closed doors and Kudrin himself acquainted the press with excerpts from his speech at the end of the conference. In the vice-premier's words, the conference participants discussed the financing of development in the poorest countries, eradication of poverty, the foreign debt problem. The point at issue was also the creation of an international financial system to promote development, as well as the responsibility of the state and private sectors for preventing financial crises. "As the restructuring process will go on, such assistance to the poorest countries on our part will actually grow," he said. "We insist that the restructuring be done on certain conditions, so that this would not disappear in a black hole, would not be used to buy arms or fan up conflicts." Touching on the situation in the CIS, he said that "the situation in some countries here is also bordering on poverty and this raises for us as a neighbour country the same problems as those discussed at the conference." "The CIS countries are asking us for help," he went on to say. "Thus, Kirghizia, Armenia and some other countries have asked us for help. We are taking part in restructuring their debt. We are working with them and supporting them." In this way, stressed Kudrin, Russia's role in the former USSR "will remain very important." "I emphasized Russia's role, which we play both as a member of the IMF and the World Bank, taking part in the initiative to write off the debt of the poorest countries, and as a member of the Paris Club, acting as a creditor. In this club, we are also taking part in restructuring the debts of the poorest countries," he noted. The delegation, led by Alexei Kudrin, told Russian journalists that from Moscow's point of view, Russia's restructuring other countries' debts to it should be directly linked to restructuring Russia's debt by its creditors.