Azernews.Az

The world's developed nations should not abandon their budget consolidation and debt reduction plans, Russian Finance Minister Anton Siluanov said on Monday, RIA Novosti reported.

"The majority of developed countries with a high level of debt recognize the need to have debt reduction programs," he said at a news conference at RIA Novosti devoted to Russia's G20 presidency, which started on December 1.

"It is obvious to everyone that without debt cuts there can be no economic growth," he said, referring to G20 discussions over which should get the priority - budget consolidation or economic growth.

"The main trend for heavily indebted countries is to implement debt reduction programs; only after that can a course be set for the restoration of economic growth."

Whether the heads of state are able to implement such programs is a contentious political issue, Siluanov added.

Russian G20 Sherpa Ksenia Yudaeva said debt reduction should not oppose stimulus of economic growth.

"In pursuing a debt and budget deficit reduction policy there is an array of options to choose from that can either hold back growth or have the least negative impact on it," she said.