13.02.2006, 08:30, Moscow - INTERFAX. - On Saturday, February, 13^th, Vladimir Putin, President of the Russian Federation, called for Russia’s full participation in financial G8.

“I’m absolutely sure that Russia’s full-fledged participation in the Group of Eight, including its participation in the financial G-8, would promote more effective and timely decision-making within the scope of the issues, which we set to ourselves”, Mr. Putin said at the meeting with G-8 Finance Ministers on Saturday in Kremlin.

Mr. Putin recalled that in 2005 Russia gross national product grew 6.4 per cent. Today, Russia’s gold and foreign currency reserves totaled $185bn, and the federal budget surplus reached 7.5 per cent of GDP; “the favorable forecast for Russia is sustained”, President said.

“We set large-scale goals for the development of our economy, support of the human capital and strengthening of our positions in the world financial and economic systems,” Russian President declared. G-8 Finance Ministers did not discuss the issue of granting Russia full membership in the group at the meeting on Saturday in Moscow, Alexei Kudrin, Finance Minister of the Russian Federation, said.

“This should happen naturally, so that there were no doubts in this respect,” he said. The Minister explained that the necessity of Russia’s full membership in the Group of Eight becomes obvious in view of Russia’s role in resolving international problems, especially in the Middle East, Asia, Far East, and considering the fact that the Russian Federation had a correspondent military and economic potential and participated in the international programs, in particular, provided support to the world’s poorest countries.

“Our efforts in these directions are significant. Our work within the limits of G-8 is demonstrated at the top-level,” he said.

During the last meeting, Moscow put forward new initiatives, in particular announced its intention to increase the direct participation in assistance to the world’s poorest countries.

Russia is ready to make an additional payment of $587m to the International Development Association (IDA, which is a unit of the World Bank for supporting the poorest countries of the world) to cover its deficiency.

President Putin said that Russia made a fundamental decision to participate in financing IMF program of assistance to the poorest countries, which suffered external shocks”.

“An optional contribution in amount of 30 million special drawing rights, which is equivalent to US$43.5m, will be allocated for these purposes in 2006-2010,” he said.

Russia wrote off $688m owed to it by 16 poorest countries of Africa, and proposed to world’s leading industrial countries to develop a coordinated energy strategy.

The energy security will be one of the priority topics at the forthcoming G-8 summit in summer 2006 in Saint Petersburg; Russia expects that the global energy security strategy will be developed by the results of its chairmanship of the Group of Eight.