![]() |
||
![]() |
FROM THE OFFICE OF PUBLIC AFFAIRS September 20, 2003JS-766 Recent data indicate that a global recovery is underway. Equity markets have rebounded, confidence has increased, financial conditions have improved, oil prices are expected to remain stable and inflation is under control.
Macroeconomic policies should continue to support the recovery while ensuring medium-term fiscal sustainability. However, for growth to strengthen, be sustained and be less unbalanced, structural reforms must be accelerated. We support the progress made to reform tax and regulatory regimes, labour markets and pension systems. Further efforts are needed. Our top priority is to raise productivity and employment. We will do our part in further reforms as set out in the attached Agenda for Growth.
We reiterate the importance of a rules based and multilateral approach to trade. We are disappointed at the breakdown of trade negotiations in
We reaffirm that exchange rates should reflect economic fundamentals. We continue to monitor exchange markets closely and cooperate as appropriate. In this context, we emphasize that more flexibility in exchange rates is desirable for major countries or economic areas to promote smooth and widespread adjustments in the international financial system, based on market mechanisms.
Effective and persuasive surveillance is crucial. Even in current favourable conditions, the IMF should identify vulnerabilities, in particular currency mismatches, and provide candid advice on policy reforms. We welcome the agreement to publish exceptional access reports. We welcome the increasingly widespread use of collection action clauses (CACs) in foreign sovereign bond issues. We look forward to further work on the Code of Conduct, which will be discussed by the G-20 meeting in October.
We encourage emerging market countries to pursue sound policies and to enhance their climate. This will help attract flows, reduce external vulnerabilities, and support sustained growth. We welcome the progress
We remain committed to transparency and effective exchange of information between countries as vital weapons is the fight against money laundering and tax evasion. We strongly urge those OECD countries that have not taken necessary steps – in particular in allowing access to bank information – to do so as soon as possible.
We welcome the work of the Financial Stability Forum, in particular in areas of audit, financial analysts, credit risk, reinsurance and rating agencies, and encourage it to continue strengthening cooperation in these areas.
We reaffirm our commitment to fight global poverty and to help developing countries achieve the international development goals of the Millennium Declaration. In this respect, we discussed financing issues and results based measurement. We asked the IMF and the World Bank to do further work on aid effectiveness, absorption capacity, financing facilities and results-based measurement mechanisms, and report at the Annual Meetings in September 2004. We welcome the views of developing and emerging market countries on these issues.
We reaffirm our strong commitment to complete the Heavily Indebted Poor Countries Initiative. We urge all bilateral creditors to join with us in canceling out the 100% of their eligible claims. We ask the IFIs to review the methodology for calculating the amount of "topping up" debt relief. We look forward to the outcome of the IFIs work on low income countries vulnerabilities to exogenous shocks.
Since
We welcome both the Afghan donors meetings this month and the upcoming Iraq Donors' Conference. We reaffirm our support for a multilateral effort to help rebuild and develop We call upon the Paris Club to make its best effort to complete the restructuring of
|
![]() |