JS-2140: Forum for the Future <script type="text/javascript"> var wmNotice = "UNT Web Archive - External links, forms, and search boxes may not function within this collection. Url: http://treas.gov/press/releases/js2140.htm time: 5:21:07 Sep 23, 2008"; var wmHideNotice = "hide"; var contextRoot = "https://webarchive.library.unt.edu/eot2008/"; </script> <script type="text/javascript" src="https://webarchive.library.unt.edu/eot2008/js/disclaim.js"></script> <br>U.S. Treasury Secretary John W. Snow<br>Opening Statement<br>December 11, 2004<br>Rabat, Morocco



	FROM THE OFFICE OF PUBLIC AFFAIRS December 11, 2004 JS-2140 Forum for the Future U.S. Treasury Secretary John W. Snow Opening Statement December 11, 2004 Rabat, Morocco It's a great pleasure to be here with my colleague, Secretary of State Colin Powell. I want to thank our co-chairs, Ministers Oualalou and Benaissa, and the Government of Morocco for hosting this meeting. I am honored to join my colleagues from the G8 and Broader Middle East and North Africa (BMENA) region at this historic first meeting of the Forum for the Future. The Forum represents a unique opportunity for foreign affairs, finance and economics ministers to share ideas on how to best meet the region's aspirations for greater economic opportunities, jobs and rising living standards. Our presence here today also highlights international support for the market-oriented, but politically difficult, reforms that many of you are advancing at home. The rejuvenated market-oriented reform programs we see in many countries in the region are home-grown, and we are here to support your efforts. My hope is that decisions we make today we will create a strong foundation for a continued and productive partnership between the leaders of the G8 and Broader Middle East and North Africa. The economic and political agendas are self-reinforcing; linking them in this forum will have the greatest impact. As you know, for the finance and economics ministers of the G8 and the region, the Forum for the Future is the culmination of a process that we started over a year ago to deepen our partnership to promote financial sector development, capacity building and further integration of the region into the global economy. And this represents just a portion of our engagement, as last month's meeting of a regional group of the Financial Action Task Force to fight financial crimes attests. The overarching objective is to promote a level of sustained economic growth necessary to meet the employment demands of the region's rapidly growing population. We have all agreed that growth is essential and growth must be private sector led, relying the region's greatest resource – your people. We have also agreed that we want this to be more than just dialogue, as a result, we're focusing on concrete results. I am pleased to note that the International Finance Corporation has made significant progress in creating a regional facility to provide training and technical assistance to small businesses. Total financing available for the Facility currently amounts to over $60 million, with the most recent pledge by the Islamic Development Bank. With your support, more is on the way. At our breakout session this morning, we will be discussing the facility's priorities and looking to target its activities where it can be the most effective. We will also explore ways for greater cooperation among development finance institutions, both regionally based and global. These efforts build on existing institutions and collaboration to improve the effectiveness of official financing and serve as an advisory group for ministers in our discussions. Lastly, we will be discussing ideas to facilitate capital flows to the region, including through removing obstacles to the transfer of remittances. Throughout our discussion today, we will be guided by priorities that emanate from the region. The role of the United States and the rest of the G8 is to support indigenous reform, and I look forward to continued discussions how to best do this. Thank you.