RosBusinessConsulting 10.06.2006

St. Petersburg: Participants of G8 meeting supported elaboration of the Public Finance Management Code

Participants of the Group of Eight meeting came out in support of elaboration of the Public Finance Management Code, minister of finance of the Russian Federation, Alexei Kudrin, announced at the press conference summing up the results of the G8 finance ministers’ meeting in St. Petersburg. According to him, the participants pointed out the necessity to shift from separate documents for each country to the general code for all countries.

The Russian minister recalled that Russia had put forward the initiative of elaboration of such a code and that “earlier, the participants of discussion treated this initiative rather skeptically”. “Today, we were able to assess the need for such a document more bravely,” he noted. According to Kudrin, “such a document should make people understand how the financial policy priorities are chosen, and how the finance management is arranged.” He said that public finance management spheres that would be worked through, including fiscal transparency, measures securing finance stability, and result-oriented budgeting, were specified in the final communiqué of the G8 finance ministers’ meeting.