G7 Meeting in Munich: Extracts from the G7 communique

Gatt: We regret the slow pace of the negotiations since we met in London last year. But there has been progress in recent months. On this basis we expect that an agreement can be reached before the end of 1992.

Economic Policy: We pledge to adopt policies aimed at creating jobs and growth . . . With this in mind we have agreed on the following guidelines:

to continue to pursue sound monetary and financial policies to support the upturn without rekindling inflation;

to create the scope for lower interest rates through the reduction of excessive public deficits and the promotion of savings;

to curb excessive public deficits above all by limiting public spending. Taxpayers' money should be used more economically and more effectively.

As the risk of inflation recedes as a result of our policies, it will be increasingly possible for interest rates to come down . . .

Environment: We urge countries, developed and developing, to direct policies and resources towards sustainable development which safeguards . . . present and future generations . . .

Third World Aid: We are deeply concerned about the unprecedented drought in southern Africa. We call on all countries to assist.

Negotiations on a substantial replenishment of IDA (International Development Association) funds should be concluded before the end of 1992. We call for an early decision by the IMF (International Monetary Fund) on the extension for one year of the Enhanced Structural Adjustment Facility . . .

Central and Eastern Europe: We support the idea of working with Poland to re-allocate . . . funds from the currency stabilisation fund, upon agreement on an IMF programme, towards new uses in support of Poland's market reform effort . . .

Aid to former Soviet Union: We are aware that the transition will involve painful adjustments. We offer the new states our help for their self-help . . .

Most-favoured-nation treatment should be applied to trade with the new states and consideration given to further preferential access . . .

We support the phased strategy of cooperation between the Russian government and the IMF. This will allow the IMF to disburse a first credit tranche in support of the most urgent stabilisation measures within the next few weeks . . .

This will pave the way for the full utilisation of the dollars 24bn (pounds 12.5bn) support package announced in April. Out of this, dollars 6bn earmarked for a rouble stabilisation fund will be released when the necessary macro-economic conditions are in place . . .

Nuclear safety in Eastern Europe: . . . We support the setting up of a supplementary multilateral mechanism, as appropriate, to address immediate operational safety and technical safety improvement measures not covered by bilateral programmes. We invite the international community to contribute to the funding. The fund would take account of bilateral funding, be administered by a steering body of donors on the basis of consensus, and be co-ordinated with and assisted by the G24 and the EBRD (European Bank for Reconstruction and Development).

Next meeting: We welcome and have accepted Prime Minister Miyazawa's invitation to Tokyo in July 1993.

Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA special investigation by Andy McSmith
Life and Style
Powdered colors are displayed for sale at a market ahead of the Holi festival in Bhopal, India
techHere's what you need to know about the riotous occasion
Arts and Entertainment
Larry David and Rosie Perez in ‘Fish in the Dark’
theatreReview: Had Fish in the Dark been penned by a civilian it would have barely got a reading, let alone £10m advance sales
News
Details of the self-cleaning coating were published last night in the journal Science
science
News
Approved Food sell products past their sell-by dates at discounted prices
i100
News
Life-changing: Simone de Beauvoir in 1947, two years before she wrote 'The Second Sex', credited as the starting point of second wave feminism
peopleHer seminal feminist polemic, The Second Sex, has been published in short-form to mark International Women's Day
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Finance Assistant / Credit Controller

£16000 - £18000 per annum: Recruitment Genius: They are an award-winning digit...

Ashdown Group: Senior VMware Platform Engineer - VMware / SAN / Tier3 DC

£45000 - £55000 per annum + benefits: Ashdown Group: Senior VMware Platform En...

Recruitment Genius: Purchasing Assistant

£10000 - £16000 per annum: Recruitment Genius: A distributor of specialist ele...

Recruitment Genius: Sales Ledger Assistant

£17000 - £19000 per annum: Recruitment Genius: A distributor of specialist ele...

Day In a Page

Homeless Veterans campaign: Donations hit record-breaking £1m target after £300,000 gift from Lloyds Bank

Homeless Veterans campaign

Donations hit record-breaking £1m target after huge gift from Lloyds Bank
Flight MH370 a year on: Lost without a trace – but the search goes on

Lost without a trace

But, a year on, the search continues for Flight MH370
Germany's spymasters left red-faced after thieves break into brand new secret service HQ and steal taps

Germany's spy HQ springs a leak

Thieves break into new €1.5bn complex... to steal taps
International Women's Day 2015: Celebrating the whirlwind wit of Simone de Beauvoir

Whirlwind wit of Simone de Beauvoir

Simone de Beauvoir's seminal feminist polemic, 'The Second Sex', has been published in short-form for International Women's Day
Mark Zuckerberg’s hiring policy might suit him – but it wouldn’t work for me

Mark Zuckerberg’s hiring policy might suit him – but it wouldn’t work for me

Why would I want to employ someone I’d be happy to have as my boss, asks Simon Kelner
Confessions of a planespotter: With three Britons under arrest in the UAE, the perils have never been more apparent

Confessions of a planespotter

With three Britons under arrest in the UAE, the perils have never been more apparent. Sam Masters explains the appeal
Russia's gulag museum 'makes no mention' of Stalin's atrocities

Russia's gulag museum

Ministry of Culture-run site 'makes no mention' of Stalin's atrocities
The big fresh food con: Alarming truth behind the chocolate muffin that won't decay

The big fresh food con

Joanna Blythman reveals the alarming truth behind the chocolate muffin that won't decay
Virginia Ironside was my landlady: What is it like to live with an agony aunt on call 24/7?

Virginia Ironside was my landlady

Tim Willis reveals what it's like to live with an agony aunt on call 24/7
Paris Fashion Week 2015: The wit and wisdom of Manish Arora's exercise in high camp

Paris Fashion Week 2015

The wit and wisdom of Manish Arora's exercise in high camp
8 best workout DVDs

8 best workout DVDs

If your 'New Year new you' regime hasn’t lasted beyond February, why not try working out from home?
Paul Scholes column: I don't believe Jonny Evans was spitting at Papiss Cissé. It was a reflex. But what the Newcastle striker did next was horrible

Paul Scholes column

I don't believe Evans was spitting at Cissé. It was a reflex. But what the Newcastle striker did next was horrible
Miguel Layun interview: From the Azteca to Vicarage Road with a million followers

From the Azteca to Vicarage Road with a million followers

Miguel Layun is a star in Mexico where he was criticised for leaving to join Watford. But he says he sees the bigger picture
Frank Warren column: Amir Khan ready to meet winner of Floyd Mayweather v Manny Pacquiao

Khan ready to meet winner of Mayweather v Pacquiao

The Bolton fighter is unlikely to take on Kell Brook with two superstar opponents on the horizon, says Frank Warren
War with Isis: Iraq's government fights to win back Tikrit from militants - but then what?

Baghdad fights to win back Tikrit from Isis – but then what?

Patrick Cockburn reports from Kirkuk on a conflict which sectarianism has made intractable