Russia intends to double the amount of its international giving to $400-500 million annually

Thursday, May 26, 2022

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Russia intends to double the amount of its international giving to $400-500 million annually, the Russian Finance Ministry said on its Web site Monday. According to the proposal, called the Concept of Russia's participation in international development assistance and approved by President Vladimir Putin June 14, the size of Russia's aid commitment grew to $215 million in 2006, from $50 million in 2003, or 330%. The assistance envisions development and poverty alleviation aid to some of the world's poorest countries, particularly in those regions where collectively more than 1 billion people subsist on less than $1 a day. "Russia shares the view that the governments of developing countries must shoulder the primary responsibility for overcoming poverty and underdevelopment of their nations. However, it is clear that a radical improvement of socioeconomic conditions in those countries will be possible only if the international community takes resolute and concerted action to facilitate their development," the document said. "Progress in poverty reduction and achieving sustainable economic growth, as demonstrated by a number of countries, shows that international development assistance is crucial for addressing the major challenges of the 21st century," the document said. According to the document, as relevant social and economic prerequisites are formed, Russia will continue increasing the amount it spends on international development assistance in order to reach in the future a UN-recommended figure of 0.7% of GDP.

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