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11 Oct, 2008 20:57

Will financial crisis turn G7 into G14?

The world's financial storm continues to rage forcing the Group of Seven of the world's most powerful economies to look further afield for help. Key players are now recommending expanding the group to G14, which would include Russia, China and India.

Meanwhile, the International Monetary Fund says it fully backs an action plan already approved by G7. The IMF has also urged wealthy countries not to cut aid they promised to developing regions before the credit crunch.

In Russia, officials believe they have already taken some strong measures to calm the situation at home and are ready to help abroad.

Russian Finance Minister Aleksey Kudrin said the country entered the crisis with sound fundamentals and was better placed than others. However further action was needed, he said.

“The document approved by the G8 is, of course, necessary and timely; but it’s also very brief. It’s only one page long. Our main goal is to expand the spectrum of steps we take to support both our own bank systems, our economies, and economies of other countries that need our help”.

Other measures to be taken will be discussed at the meetings in the IMF, in the G8, in the G20, finance minister noted.

“In the next few months, I believe, we will work out a number of new measures and tools to provide such support,” Kudrin said.

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