- Title: UNITED STATES: G7 MEETING CLOSES IN WASHINGTON
- Date: 7th October 1995
- Summary: WASHINGTON, D.C., UNITED STATES (OCTOBER 7, 1995) (AGENCY POOL - ACCESS ALL) 1. LV/SLV GROUP OF SEVEN (G7) MEETING DELEGATES POSING FOR PHOTOGRAPH / LV/SV MEDIA (4 SHOTS) 0.36 2. SV GERMAN FINANCE MINISTER THEO WAIGEL LEAVING G7 TALKS AT UNITED STATES TREASURY DEPARTMENT 0.50 3. SV FRENCH MINISTER OF ECONOMY AND FINANCE JEAN ARTHUIS LEAV
- Embargoed: 22nd October 1995 12:00
- Keywords:
- Location: WASHINGTON, D.C., UNITED STATES
- City:
- Country: USA
- Reuters ID: LVABOQJ8A2VAV093M28MXN3K626D
- Story Text: Financial leaders of the world's richest nations emerged from ameeting in Washington on Saturday (October 7) welcoming the United States (U.S.) dollar's recent rise and calling for a further advance in the currency.
"We welcome the orderly reversal in the movements of the major currencies that began following our April meeting," said U.S.
Treasury Secretary Robert Rubin, quoting from a communique issued after the talks. "We! would welcome a continuation of these trends consistent with underlying economic fundamentals." The Group of Seven (G7) -- Japan, Germany, Canada, France, Britain, Italy and the United States -- also gave an upbeat assessment of the outlook for their economies.
"We all believe the global economy is better today than six months ago...I believe in large measure because of policy measures taken by the G7 and furthered by discussion and the G7 process," said Rubin.
The G7 finance ministers and central bank governors also reaffirmed their commitment to cooperate closely in currency markets and to reduce their trade imbalances.
Since the April meeting, several G7 countries have taken or promised to take action designed to improve the chances for long-term sustainable growth. Japan and Germany have cut interest rates while the United States has pledged to balance its budget deficit.
Rubin said Russia had won praise for sticking to the conditions of a 6.5 billion U.S. dollar stand-by loan from the International Monetary Fund (IMF) Also, Russia is looking for a longer-term deal to provide much-needed financing over the next three years.
Russian First Deputy Prime Minister Anatoly Chubais joined the G7 for part of their talks.
He said the volume of a new deal would be less than that of the stand-by arrangement.
"We will not need the same money next year as we do this year," he said. "Our budget deficit will be 3.8 percent of gross domestic product and we do not need as much external financing from the IMF." Russia's economic problems have been compounded by the need to find ways to repay billions of dollars of debt inherited from the former Soviet Union.
The G& urged Moscow to stick by its tough economic stabilisation programme and to intensify other reforms, especially privatisation.
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