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  • Final meeting of the G20 finance ministers and central bank governors in Mexico City on November 4-5

G20 priorities for 2013: Financing for Investment and public debt management

Addressing the final meeting of the G20 finance ministers and central bank governors hosted by Mexico in Mexico City on November 4 and 5, Russian Finance Minister Anton Siluanov said that the search for new sources of investment and public debt management would be the main agendas for next year.

"The agenda for the Russia's G20 presidency includes issues of investment and economic growth against the background of instability and economic turbulence," he told the final news conference. He explained that the key issue is how resources of pension and insurance funds, could be transformed into investment. Russia, for its part, is ready to formulate the proposals on how best to achieve this.

Another important agenda item for Russia's presidency will be the issue of public debt management. "Our suggestion is that we concentrate on improving and activating the 10-year-old World Bank and IMF debt management recommendations," he said.

The G20 fears that the plans to halve the public debt by the end of 2013, given the present difficult economic environment, may affect the state of the global economy. An understanding of this effect was initially reached in 2010, when the global economy showed signs of post-crisis rallying, but today, as many members believe, it makes sense to revise it.

It was also recommended to the developing countries to soften their budget policies in order to stimulate the demand. But this idea, as was the case previously, failed to receive unanimous support, with primary objections from Russia and China. According to the Russian Finance Minister Anton Siluanov, the most important task of the moment is to reduce the Russian budget's dependence on oil and gas, for which reason stepping up spending is unacceptable.

In general, the participants acknowledged the existence of positive changes in the euro zone, which they saw resulting from the EU plans to ensure financial stability. The G20 financial ministers and central bank governors summed up the results of their meeting in a joint communiqué.

Anton Siluanov accepted Russia's G20 presidency. This begins on December 1, 2012, with the inaugural events scheduled for December 11 through 13, including a meeting of the G20 Sherpas (personal representatives of the heads of state or government), as well as a Think 20 Meeting. The first meeting at the level of finance ministers and central bank governors is scheduled for February 15-16, 2013, in Moscow.