Russian FM: Obama to scale back stimulus gradually

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Associated Press

Posted on September 5, 2013 at 12:00 PM

Updated Thursday, Sep 5 at 12:03 PM

ST. PETERSBURG, Russia (AP) — Russia's finance minister says President Barack Obama assured G-20 leaders that the United States will be scaling back its stimulus policy gradually so as not to impair global economic recovery.

The prospect of the U.S. Federal Reserve scaling back its policy of quantitative easing has dampened hopes of a global recovery and has already caused weakness in emerging market currencies.

Finance Minister Anton Siluanov told reporters on Thursday that in response to other world leaders' concerns, Obama said that the U.S. will be withdrawing stimulus "gradually" and "within a reasonable limit."

Siluanov was speaking after the first Group of 20 session and before the G-20 leaders gathered for a dinner that is to be focused on Syria.

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