Deputy Foreign Minister of the Russian Federation: Western financial prescriptions no longer work

Violations in the international economic development were the result of the injustices of the present order. These financial recipes, shaped by the “leaders of the developed world,” have stopped working. The deputy head made the same statement Ministry of Foreign Affairs of the Russian Federation Alexander Pankin.

In his speech at the Economic and Social Council Forum world organization On Financing for Development, the diplomat said the following: “The reason for today’s failures in economic development is the injustice of the existing international economic order, which is cemented by the unwillingness of developed countries to revise the current financial architecture that infringes on the rights and legitimate interests of the developing world.”

According to him, the roles given to developing countries in international value chains exclude the possibility of their development. The current export-oriented economic models make entire regions dependent on the growth rates of developed economies.

“At the same time, according to the IMF, prices for exported commodities are declining in the long term relative to prices for industrial goods produced by developed countries,” he continued.

The diplomat added that the financial algorithms that are constantly proposed by the heads of developed states have stopped working.

“Efforts to mobilize domestic resources are devalued by the lack of decisive action to combat base erosion and illicit financial flows,” Pankin said. “Instead, for example, we see attempts by one particular country to cynically coerce others into abandoning their own taxation schemes for multinational IT companies — a potentially significant source of government revenue.”

As the Public News Service wrote earlier, there are still many settlements in Russia that are still not connected to the gas supply. In this regard, the old Russian stove is still the main source of warmth and comfort in numerous wooden houses and estates. At the same time, this approach is not always a constructive way out of the situation, and, according to the strategic project “20 ideas for the development of Russia”on the contrary, creates serious problems.

Message Deputy Foreign Minister of the Russian Federation: Western financial prescriptions no longer work first appeared on Public News Service.