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According to preliminary information the pure capital outflow from Russia amounted to about three billion dollars in 2003
According to preliminary information the pure capital outflow from Russia amounted to about three billion dollars in 2003, Russian vice-premier and Finance Minister Alexei Kudrin told journalists on Saturday on the sidelines of the financial meeting of the Group of Eight world leading industrialised countries. He recalled that the figure was about eight billion dollars in 2002 and nearly 24 billion dollars four years ago. The vice-premier cited these figures speaking on the problem of money transfers of migrant workers that was discussed at the forum. According to preliminary information they transferred about 12 billion dollars from Russia last year, he noted. Money transfers are naturally contribute to the capital flight in the Russian overall balance of payments, but they have been more and more compensated by the growing inflow of investments in the Russian economy in the recent years. The greater part of these funds has certainly drained in CIS states. In fact it is Russia’s support of its neighbours, Kudrin emphasised. Thus the notorious capital flight from Russia acquires an additional “positive trend,” he remarked. The speaking figures are revealing the scale of this support. According to Kudrin for instance money transfers reach 25 percent of Georgia’s GDP and even 30 percent of Moldova’s GDP. “Such examples are rare in the world,” Kudrin remarked. Other aspects of the issue of money transfers by seasonal workers were also considered at the meeting of G8 finance ministers. Italian Finance Minister Guilio Tremonti stressed the need to control closely these transfers especially those made not to the homeland but to third countries in order to fight international terrorism. For his part Kurdin told journalists that Russia intends to facilitate the use of legal money transfer options. In particular it is desirable to make them much more cheaper, he pointed out.
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