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Medvedev backs $1 trln plan to boost global finance institutions

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Russian President Dmitry Medvedev is in favor of proposals to increase the resources of international financial institutions by $1 trillion to help overcome the global crisis, a Kremlin aide said on Thursday.
LONDON, April 2 (RIA Novosti) - Russian President Dmitry Medvedev is in favor of proposals to increase the resources of international financial institutions by $1 trillion to help overcome the global crisis, a Kremlin aide said on Thursday.

"Medvedev said that we support the idea of raising considerable resources worth $1 trillion through international financial institutions," Arkady Dvorkovich said.

Medvedev is taking part in the G20 summit in London at which international leaders are discussing how to overcome the global economic crisis.

Dvorkovich added that Medvedev spoke of the need to make the allocation of these resources contingent on reforms to the International Monetary Fund and other international financial institutions, which had broad support at the summit.

"Reform of the IMF has been backed by practically all partners," Dvorkovich said.

At the same time, the Kremlin aide said that the possibility of introducing a new global reserve currency had not been discussed.

"The leaders have not held such a discussion at the summit. We believe subsequent work should take place in the next few months. I think discussions should be held within the framework of the International Monetary Fund," Dvorkovich said.

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