Russia says it supports need to reform ‘global financial architecture’

ISTANBUL

Russia said on Friday that it supports the need to reform the “global financial architecture” and then the expansion of “new centers of economic growth” within this structure.

“Russia takes a position of principle in support of the need to reform the global financial architecture and increase the role of new centers of economic growth in it,” Russian Foreign Minister Sergey Lavrov said at a meeting of the ministry’s business council.

Lavrov said one of the key factors in Africa's socio-economic development is food security, which continues to ensure "economic and financial independence," expressing Russia's support for the redistribution of global monetary resources to the continent.

He said Africa is one of the fastest-growing export markets for Russian producers and that the continent is considered a promising region for Russian investment.

“The countries of the continent are interested in working with us to achieve the goals set out in the African Union's strategic document Agenda 2063,” he added.

The top diplomat said a significant part of the upcoming Russia-Africa Summit in the port city of St. Petersburg next month will be devoted to these issues, expressing Moscow’s hope that the summit will provide a “powerful impetus” to the development of Russian-African ties.

Lavrov said summit preparations are going on at a time when “profound changes are taking place in the world that requires the adjustment of both Russian foreign policy and foreign economic priorities.”

“It is already happening, primarily in the traditionally friendly geographic areas, which historically included the African continent,” he said.