Alexei Kudrin's opening address:

Ladies and gentlemen,

We have gathered today for a regular meeting of the finance ministers of the CIS countries. We hold these meetings to help each other and discuss the development of our Commonwealth, which has already yielded results: we have been able to coordinate many joint programmes. But still, we should improve trade and finance, and take advantage of all opportunities, including mutual financial assistance and financial assistance from the international financial organisations in which we enjoy significant status.

I want to stress once again that 2009 was a difficult year for all our countries. We saw an unprecedented 7.5% decline in gross domestic product throughout the entire Commonwealth, which comes immediately after a growth rate of 5.5% before the downturn. Our countries' exports shrank by 46% and imports by 44.3% last year. Trade and mutual demand were hit the hardest.

We also saw employment and other indicators deteriorate. The consumer prices indices for CIS countries rose by an average of 11% last year. The situation varied from country to country. The recession had a major negative effect on Russia, Moldova, Ukraine and Armenia while some countries, notably Azerbaijan, Uzbekistan and Turkmenistan, grew significantly. Countries such as Belarus, Kyrgyzstan and Tajikistan saw more moderate growth, which can be a good thing during a crisis. Kazakhstan's gross domestic product saw a negligible decline.

Several CIS countries applied to international financial organisations for aid during the recession, and received it. Russia also provided assistance to other CIS countries without drawing on international financial resources. We not only did not receive assistance from the international financial organisations, but did not even apply for it. We did not take out any loans on the world markets last year. In fact, Russia has not borrowed any money since 1998.