LONDON, April 2 (RIA Novosti) - Russian President Dmitry Medvedev is in favor of proposals to increase the resources of international financial institutions by $1 trillion to help overcome the global crisis, a Kremlin aide said Thursday.
"Medvedev said that we support the idea of raising considerable resources worth $1 trillion through international financial institutions," Arkady Dvorkovich said.
Medvedev is taking part in the G20 summit in London at which international leaders are discussing how to overcome the global economic crisis.
Dvorkovich added that Medvedev spoke of the need to make the allocation of these resources contingent on reforms to the International Monetary Fund and other international financial institutions, which had broad support at the summit.
"Reform of the IMF has been backed by practically all partners," Dvorkovich said.
At the same time, the Kremlin aide said that the possibility of introducing a new global reserve currency had not been discussed.
"The leaders have not held such a discussion at the summit. We believe subsequent work should take place in the next few months. I think discussions should be held within the framework of the International Monetary Fund," Dvorkovich said.
A member of the Russian delegation to the G20 summit quoted Medvedev as saying Thursday that Russia will provide an extra $100 million to poor nations most affected by the current global financial crisis in the next three years.
The official said half the funds would be provided through the World Bank and the other half on a bilateral basis to support welfare projects in poor states.
Speaking at the summit of the leaders of 20 rich and developing nations in London, Medvedev also backed a proposal to order checks by the World Trade Organization (WTO) of national protectionist measures in trade adopted during the crisis and warned against further protectionism, which could affect competition, according to the official.
Medvedev said the financial system's collapse had been prevented, but financial markets have not recovered and the real economy has been badly damaged with losses amounting to trillions of dollars.
He said Russia's proposals to establish an international reserve currency and to take measures to ensure national banks and international financial institutions diversify their foreign currency reserves were not considered at the summit, and suggested discussing the initiatives in the next few months.
The president said Russia did not want to weaken the U.S. dollar, British pound or the euro, but invited other countries to jointly decide on the most favorable way of developing the global currency system, the source said.
