Speaking at a restricted session of the CIS heads of government, Vladimir Putin said the CIS countries should coordinate their economic efforts to counter the consequences of the world financial crisis.

Prime Minister noted that at the recent meeting of the IMF, the World Bank, and the financial G7, Russian Finance Minister Alexei Kudrin emphasized the need for priority assistance to the CIS and implementing solid new measures to ensure long-term financial stability.

Putin stressed that the crisis, which originated in the United States, was fraught with serious consequences for the American economy, and will equally affect the rest of the world. In this connection, he emphasized the need to coordinate CIS economic and financial measures. Putin believes that within this context it is important to adopt a CIS economic strategy through 2020.

Putin emphasized that the CIS countries were generally fairing well through the current financial storm, and recalled that a recent meeting of CIS finance ministers in Moscow was the first step in anti-crisis coordination. He also noted the importance of drafting a common budget for CIS working agencies for next year.

During his speech, Putin proposed increasing the funding of the CIS-established inter-state TV and radio company Mir. Noting that this is a unique company for the CIS, he suggested that it should be further developed using the latest technology, and the introduction of new technology calls for more funding.

Putin invited the CIS countries who are not part of Mir, to join the project.