Russia is the world's fourth largest creditor for debts to write off, and leads the G8 for the written-off debt/gross domestic product ratio on an initiative of the best-developed countries to ease the poorest nations' debt burden, stressed the speaker.
As Russia sees it, the debt initiative and new strategies toward foreign debt stability are mere tools and, by no means, cure-alls for the poorest countries to settle their debts. Written-off debts alone are of no help. What those countries direly need are thrifty economic, financial and budgetary policies, structural reforms, stronger governmental institutions, and a better investment climate.
Combat against poverty largely depends on poor countries' ever closer involvement in global commerce. Russia is doing much to promote it. The acting Russian legislation exempts the least developed countries' established commodities from import duties, quotas, and anti-dumping, compensatory and protective measures. This preferential arrangement concerns more than 80 per cent of Russian imports from African countries, said Mr. Fedotov.
