UPDATE 2-No single debt target for all G20 countries - Russia

Wed Apr 17, 2013 7:38pm EDT
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* No 'one size fits all' debt to GDP target - deputy fin min

* Russia also says G-20 should stick to prior currency pledge

* Japan will be questioned on domestic policies

By Anna Yukhananov

WASHINGTON, April 17 (Reuters) - A debt-cutting proposal that the world's 20 largest economies plan to agree on later this year will have different targets for countries depending on their economic conditions, Russia's deputy finance minister said on Wednesday.

Russia also gave a hint of what to expect from the Group of 20 finance ministers' meeting later this week, saying the G-20 should stick to its previous pledge to avoid competitive devaluations and let the market determine exchange rates.

The new G-20 debt agreement is meant as a more ambitious follow-on to the plan agreed to in Toronto in 2010, which set specific debt to gross domestic product (GDP) targets for the Group of 20.

A document prepared ahead of the G-20 meeting this week showed that the group is considering a proposal to cut their public debt over the longer term to well below 90 percent of GDP.

Sergei Storchak, Russia's deputy finance minister, said the specific debt-to-GDP targets will differ among groups of countries based on economic conditions. Russia chairs the G-20 this year.   Continued...