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Medvedev: Fair global financial order needed
February 25, 2013, 10:59 pm

Dimitri Medvedev, the Russian prime minister (left) and Cuban President Raul Raul Castro in Havana, Cuba. [Xinhua]

Medvedev, the Russian prime minister (left), and Cuban President Raul Castro in Havana [Xinhua]

Russian prime minister Dmitry Medvedev told Cuban media during a visit to Havana on Sunday that creating a more equitable global financial structure is possible if it accommodates countries that are outside the G8 or G20.

“The balance has shifted in favour of those nations that were not represented in the international pool making the financial decisions,” Medvedev said. “But if you ask me whether the international financial order today is fair, I’ll say no,” he added.

The international financial order “requires continued systemic work and it should be done by all nations, not only those represented in the ‘eight’ or ‘twenty,” he added.

At the upcoming Durban Summit, Russia and fellow BRICS members Brazil, India, China and South Africa are expected to finalize the structure of a development bank which will assist emerging markets, such as those in Africa, to upgrade their infrastructure.

The bank will also be expected to finance development projects in poor and developing nations, largely in Africa and India.

Medvedev was in Havana to sign 10 bilateral agreements and examine ways to resolve Cuba’s outstanding $30 billion debt to Moscow.

He called on the US to end its embargo of the Caribbean state.

At the last round of G20 talks held in Moscow on February 16, Russian finance officials urged their counterparts not to focus on protectionist monetary policies of some nations in the face of the global economic crisis, but instead to examine ways to curb state borrowing.

During his Havana trip, Medvedev repeated sentiments voiced in Moscow; chiefly, that Russia would work with the international community to adopt new goals and guidelines on reducing budget deficits and debt levels.

Source: Agencies