G7 Meeting in Munich: Extracts from the G7 communique
Thursday 09 July 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.
Returning to the stage after 20 years makes actress feel 'nauseous'
Top conservatoire offers ‘groundbreaking’ arts degree
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Watch a man race the Circle line - and win
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 4 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
- 5 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Islamic State: Pope is 'being targeted by Isis', Iraqi ambassador to the Holy See warns
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
Scottish independence referendum: A nation divided against itself
John Travolta addresses former pilot's gay romance allegations publicly for the first time: 'That was the lowest I'd ever felt'
Richard III: Two years after his body was found scientists discover how he died
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
£40000 - £45000 per annum + pension, healthcare,25 days: Ashdown Group: An est...
£28000 per annum: Ashdown Group: IT Software Application Support Analyst - Imm...
£50 per day: Randstad Education Cheshire: SEN Teaching Assistant EBD , Septemb...
£50 per day: Randstad Education Cheshire: SEN Teaching Assistant We are curr...