G20 leaders agree to continue anti-crisis measures

© Iliya Pitalev / Go to the mediabankArkady Dvorkovich
Arkady Dvorkovich  - Sputnik International
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All members of the Group of 20 leading economies agreed at their summit on Friday to continue state support measures to prevent a deepening of the economic crisis, a Russian presidential economic aide said.

PITTSBURGH, September 25 (RIA Novosti) - All members of the Group of 20 leading economies agreed at their summit on Friday to continue state support measures to prevent a deepening of the economic crisis, a Russian presidential economic aide said.

"All countries agreed that it is too early to stop anti-crisis measures, and too early to start implementing strategies for getting out of the crisis, but that these measures must be actively thought through, so that no time is lost when we start to implement them," Arkady Dvorkovich told reporters.

He also said leaders of the G20 agreed to raise the quotas of emerging economies in international financial institutions.

Emerging economies' quotas in the International Monetary Fund and World Bank will be increased by at least 5% and 3%, respectively, Dvorkovich said. Quotas in the institutions give voting rights and access to financing.

"An agreement has been reached that the total size of the quota review [in the IMF] will total not less than 5%, and details of this redistribution will have to be developed in full, but it is clear that dynamically developing countries must get the main increase," he said.

However, Dvorkovich said no progress has yet been reached on the issue of developing single standards for financial accounting.

The aide said Russian President Dmitry Medvedev agreed with British Prime Minister Gordon Brown on the need to fast-track IMF and the World Bank economic aid to countries in need.

On the issue of bankers' bonuses, Dvorkovich said Russia believes top managers' bonuses should be linked with midterm results of companies' activities.

 

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