23 October 2002 00:00
ON RUSSIAN AUDIT CHAMBER CHAIRMAN SERGEI STEPASHIN'S SPEECH TO MEMBERS OF THE CANADIAN BUSINESS ASSOCIATION IN RUSSIA
2002-10-22
One of the chief objectives of the Audit Chamber of the Russian Federation is to help increase the transparency of the country's financial system in order to get its credit rating raised and to establish favorable conditions for foreign investment, Sergei Stepashin, Chairman of the Audit Chamber, said, addressing members of the Canadian Business Association in Russia.
The Chamber's efforts to improve financial and economic processes in the country, Stepashin noted, are a part of the coordinated measures of the Russian leadership, directed to imparting to the national economy a more civilized character. Now it is moving from simple control activities to an audit of the efficacy in the use of state funds and resources, which meets the interests of solving national tasks. The highest body of state financial control of Russia, Stepashin went on to say, cooperates with international financial organizations, for example, on the questions of checking the effectiveness of the use of loans from the IBRD and IMF, whose leaderships are concerned by the excessive financing of administrative structures to the detriment of the implementation of investment projects. Thus, Stepashin concluded, the checks being carried out by the Audit Chamber make a definite contribution to enhancing the transparency of a number of joint projects.
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