Moscow's G8 summit to discuss stable global economic growth

The Russian side is to be active in discussing global economic growth and stable development at a G8 summit, said the foreign ministry's spokesman Alexander Yakovenko Tuesday.

He referred to these questions as being the second pivotal theme of the meeting after efforts to combat international terrorism. For Russia, marketing one third of its GDP through foreign trade, overcoming world economic recession is very topical, he said. This considered, the Russian side is striving to accelerate economic growth in Russia, the CIS environment and the world arena, including by means of a responsible and balanced policy on the world markets of energy resources.

Yakovenko pointed to Russia's weighty contribution to a wider stability of the international lending and financial system and along the lines of international financial organizations. Russia has over the past three years paid off about $32 billion to the creditors, including $10 billion in 2001. "This has largely consolidated the liquidity of the IMF whose funds are badly required in the third world," says Yakovenko. He reported that Russia would have to repay a record sum of $17.2 billion in 2003.

He believes that the upcoming summit will have painstaking discussions of world trade hit by protectionist tendencies in the policy of certain G8 countries. Moscow intends to work for stronger principles of trade liberalization as well as more active support from partners for Russia's admission to the WTO on non-discriminatory conditions.

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