EDB delegation takes part in the G20 Seminar on Public Debt Management
Moscow, 4 April 2013. On 2-3 April 2013 Eurasian Development Bank’s (EDB) delegation took part in a top-level seminar on public debt management. The event was arranged in the framework of the Russian presidency of the G20.
In accordance with the G20 procedures, Russia has determined a range of key issues which are of crucial for the sustainable post-crisis recovery of the global economy and are being collectively worked on by the G20 members. These include the improvement of public debt management and the role of regional financial mechanisms such as the EurAsEC Anti-Crisis Fund, as well as the promotion of long-term investment on the global scale.
"It is hard to overestimate the importance of good public debt management — it is sufficient to observe the development of the European debt crisis,» comments Sergey Shatalov, Deputy Chairman of the EDB Management Board. «Russia, whose public debt is one of the lowest in the world, has gained significant experience in this area over the last fifteen years and can share it with its G20 partners. Other leading economies of the world also shared their experience in this area.“
The participants in the forum included senior managers of international institutions, including the IMF, the World Bank, the OECD, the Bank for International Settlements, the European Central Bank and UNCTAD, and state debt management agencies of the G20 countries, including France, Germany, the U.K., Switzerland, Turkey, Japan and Saudi Arabia. Leading commercial banks such as Deutsche Bank and VTB Capital had their speakers at the seminar.
The forum focused on the issue of improving public debt management procedures so that countries could avoid debt crises and that the international financial system could ensure the receipt by developing nations of the resources they need to resolve their development problems.
A set of recommendations was drafted and will be presented for review to the International Financial Architecture (IFA) Working Group, which will meet later in April. If the recommendations are approved by the G20 members, they will be included in the communiqué of the G20 Summit, which will take place in St. Petersburg in September.
"The participation of EDB in this event is very important," says Sergey Shatalov. "Among EDB members there are both smaller economies with significant public debts and larger economies such as Russia and Kazakhstan whose public debt as a percentage of GDP is very low." He believes that, "at this event EDB has absorbed extremely valuable experience from leading economies of the world in public debt management. This concerns botheffective issuance of government securities and responsible risk management of existing debt portfolios." Such experience is priceless for EDB, which provides assistance to its member states in addressing integration and economic diversification challenges, Sergey Shatalov added.
Additional Information
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://eabr.org/.
The participation of EDB in this event is very important," says Sergey Shatalov. «Among EDB members there are both smaller economies with significant public debts and larger economies such as Russia and Kazakhstan whose public debt as a percentage of GDP is very low.» He believes that, «at this event EDB has absorbed extremely valuable experience from leading economies of the world in public debt management. This concerns botheffective issuance of government securities and responsible risk management of existing debt portfolios.» Such experience is priceless for EDB, which provides assistance to its member states in addressing integration and economic diversification challenges, Sergey Shatalov added.