MEETING OF G-20 FINANCE MINISTERS AND HEADS OF CENTRAL BANKS CONCLUDED ITS WORK

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BERLIN, November 21 (RIA Novosti, Taras Lariokhin) - The sixth meeting of the G-20 finance ministers and heads of central banks in Berlin concluded with adoption of the final communiquй.

Russia was represented by Chairman of the Central Bank Sergei Ignatyev and Director of the Department of International Financial Relations, Sovereign Debt and State Financial Assets of the Ministry of Finance of the Russian Federation Sergei Storchak.

The participants of the conference discussed the situation in global macroeconomics and concluded that it had shown positive developments - there are clear signs of fast economic growth accompanied by low inflation. In their opinion the same trend will continue in the next year.

In order to maintain "reasonable oil prices in mid-term perspective," the participants called for increased investments in the oil industry, a more transparent oil market, and more efficient energy consumption through the use of alternative energy sources.

The document also emphasizes the need "to consolidate the US budget, to continue structural reforms in order to increase GDP growth rates in Europe and Japan, and to apply necessary measures to increase the flexibility of currency exchange rates in developing Asian countries, which must be supported by reforms in the financial sector."

The participants confirmed their determination to fight against all violations in the international financial sphere.

"With that goal in mind, we pledged to observe the standards of transparency and information exchange in the sphere of taxation developed by the Centre for Tax Policy and Administration under Organisation for Economic Co-operation and Development (OECD)," states the communiquй.

The participants also confirmed their determination to fight against sources of terrorist financing.

The document pointed out at the "important role" played by the Financial Action Task Force (FATF) and expressed hope that China will soon join its efforts.

The participants also welcomed the recent creation of the Eurasian Anti-Money Laundering and Anti-Terrorist Financing Group.

During the meeting, Germany and the United States reached an agreement to reduce the Iraqi debt by 80%. According to German Finance Minister Hans Eichel, the debt is scheduled to be reduced in three stages: 30% -- immediately, another 30% -- in the framework of a new IMF program for Iraq, and the remaining 20% -- after the implementation of the IMF program.

However, according to information obtained by RIA Novosti, Russia has still not given the "green light" to the stage-by-stage reduction of the Iraqi debt. Currently, the United States and Russia are conducting talks on this issue.

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