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Mr Putin told the Cabinet to formulate proposals on the fulfilment of the objectives set in his State of the Nation address.

Participants in the meeting discussed details of Russia’s Energy Strategy. Deputy Prime Minister Viktor Khristenko said the Government would soon finish drawing up the document that outlines the main avenues of development for the country’s fuel and energy sector and possible volumes of oil and gas production, hydrocarbon exports and reserves for the development of internal energy infrastructure. The President asked the Ministers to factor in the latest positive changes on energy and financial markets in their forecasts, including Russia’s higher investment rating given it by one of the world’s largest rating agencies.

Deputy Prime Minister and Finance Minister Alexei Kudrin reported on the results of a meeting of G8 Finance Ministers in the French town of Deauville on May 16–18. Its participants praised the Russian Government’s positive record on developing the national economy and carrying out structural reforms. Their praise was reflected in a final communique. Mr Kudrin also said that the control of poverty and aid to developing countries had been one of the main topics discussed. President Putin, commenting on the problem, noted that Russia was actively working in that direction and giving extensive financial support to CIS countries.