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Finance ministers of the Group of Eight club of industrialized nations will arrive in the Russian capital Friday for a session focusing on global economic and energy security issues
Prior to the official session on Saturday, Russian Finance Minister Alexei Kudrin will hold a series of meetings with his counterparts, including U.S. Secretary of the Treasury John W. Snow. In its debut year as G8 president, Russia has identified three priority areas: energy security, efforts to combat infectious diseases, and work to develop education. However, Kudrin said earlier the ministers had agreed also to discuss the financing of terrorism, money laundering, and writing off the debts of the poorest nations. "I think we will achieve serious progress in the Gleneagles initiative [from the 2005 G8 summit] to write off debts of the poorest countries to world financial organizations," he said at a January joint news conference with his Italian counterpart, Giulio Tremonti. The Russian minister also said Monday that Russia was intending to write off completely the debts of 16 of the world's poorest countries. "The total of the possible write-off is $688 million. The relevant documents will soon be submitted to the Russian government," he said, adding that this mainly related to African countries, including Benin, Tanzania, Zambia and Guyana. The G8 Group nations are Russia, the United States, Britain, France, Japan, Germany, Canada and Italy, and the European Union has a limited status. The forum was designed to develop a common approach to pressing global issues. The member states account for 49% of global exports, 51% of industrial output, and 49% of the International Monetary Fund's assets. St. Petersburg will host Russia's first summit of G8 leaders on July 15-17, 2006.
Print Finance ministers of the Group of Eight club of industrialized nations will arrive in the Russian capital Friday for a session focusing on global economic and energy security issues Bookmark Finance ministers of the Group of Eight club of industrialized nations will arrive in the Russian capital Friday for a session focusing on global economic and energy security issues

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