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  Tuesday, February 25, 2020
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Russian President Dmitry Medvedev called on Saturday for the reorganization
Russian President Dmitry Medvedev called on Saturday for the reorganization of the global financial system, including the establishment of an international regulatory commission, a presidential aide said.

"To make the process of reform as effective as possible, the president suggested the creation of an international commission of independent, influential experts - financial gurus," Arkady Dvorkovich told journalists at the G20 summit in Washington.

He added, however, that the leaders attending the summit had not reached an agreement on transforming the G20 into a wider forum.

"There are as yet no plans to transform the forum of finance ministers and central bank heads into a regular forum of leaders of the G20 countries," he said.

The aide said this meant that the G20 should be where questions of reforming the global financial structures are decided, while the Group of Eight leading industrial countries should remain the forum for issues of world security.

Dvorkovich also said the Russian president had called on G20 summit participants to help the world's poorest countries overcome the financial crisis.

"It is important to work together to provide all the countries most affected by the crisis, the poorest countries, with resources through the IMF and other international and regional organizations," the aide said, adding that all the summit participants were united on the issue.

Dvorkovich said the next G20 summit would be held not later than April 30, 2009.

"After the first half of the summit, there is consent that global problems demand global solutions. The participants expressed the readiness to hold the next summit not later than April 30 next year," he said.

The G20 comprises 19 of the world's largest economies plus the European Union.


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