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.
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