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Russia Taking Over G-20 With Focus on Debt, Long-Term Investment

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Nov. 5 (Bloomberg) -- Russia will use its term as president of the Group of 20 to make recommendations on how to manage sovereign debt and help countries identify funding for long-term investment, Finance Minister Anton Siluanov said.

Siluanov outlined Russia’s goals over the next year at the close of a two-day meeting of finance ministers from G-20 nations in Mexico City.

“Economic growth is on everyone’s agenda but no one has studied those questions in detail,” Siluanov told reporters. “Today, there are global resources such as pension and insurance funds that could be transformed to fund infrastructure investments.”

Russia will host its first meeting of finance officials from G-20 nations Feb. 15-16, in Moscow, Siluanov said.

Siluanov said he hopes to reach an agreement on how to overhaul the International Monetary Fund’s quota system to give emerging markets more say in how the multilateral lender is run by the time leaders from G-20 nations gather in September, in St. Petersburg.

To contact the reporter on this story: Anastasia Ustinova in Mexico City at austinova@bloomberg.net

To contact the editor responsible for this story: Denis Maternovsky at dmaternovsky@bloomberg.net

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