Dmitry Medvedev approved a list of instructions drawn up following the G20 summit in London on April 1-2, 2009.
The Government, together with the Central Bank, has been instructed to submit proposals for improving Russia’s laws on supervision and regulation of financial markets, their instruments and participants, in order to fulfil the obligations made during the London summit.
Furthermore, the Government is to take the steps needed for Russia’s participation in international efforts to support the poorest countries affected by the crisis, including through the World Bank’s programme for supporting vulnerable countries and sectors. The Government will agree the conditions of Russia’s participation in this programme with the World Bank.
Also needed are proposals for the Russian delegation’s participation in the plenary session of the Financial Stability Board, and decisions to ensure Russia’s participation in its work, and that of the Basel Committee on Banking Supervision and the International Organisation of Securities Commissions.
The President instructed the Government to also draft proposals on the possibility of placing Russian financial assets in International Monetary Fund bonds, and guaranteeing Russia’s interests during work to reform the voting and quota systems, management, and define the functions of the International Monetary Fund and the World Bank.