U. S. Department of the Treasury

U.S. Treasury Department Office of Public Affairs

United States: Department of the Treasury

Yale University

Yale University EliScholar – A Digital Platform for Scholarly Publishing at Yale YPFS Documents Browse by Media Type 2-10-2006 Statement by G8 Finance Ministers Moscow February 10-11, 2006 United States: Department of the Treasury U. S. Department of the Treasury U.S. Treasury Department Office of Public Affairs Follow this and additional works at: https://elischolar.library.yale.edu/ypfs-documents Recommended Citation United States: Department of the Treasury, U. S. Department of the Treasury, and U.S. Treasury Department Office of Public Affairs, "Statement by G8 Finance Ministers Moscow February 10-11, 2006" (2006). YPFS Documents. 3933. https://elischolar.library.yale.edu/ypfs-documents/3933 This Document is brought to you for free and open access by the Browse by Media Type at EliScholar – A Digital Platform for Scholarly Publishing at Yale. It has been accepted for inclusion in YPFS Documents by an authorized administrator of EliScholar – A Digital Platform for Scholarly Publishing at Yale. For more information, please contact elischolar@yale.edu. 3/5/2020 Statement by G8 Finance Ministers Moscow February 10-11, 2006https://www.treasury.gov/press-center/press-releases/Pages/js4124.aspx 1/2U.S. DEPARTMENT OF THE TREASURYPress Center Statement by G8 Finance Ministers Moscow February 10-11, 20062/10/2006JS-4124G8 Finance Ministers met in Moscow to prepare for the G8 summit in St Petersburg and had discussions on the global economy in thecontext of energy market developments, further steps for the development agenda, and economic dimensions of fighting infectiousdiseases worldwide.1. Overall global growth remains solid and this is expected to continue in 2006. Risks remain, including high and volatile energy prices. Weagreed that further progress needs to be made in implementing policies that contribute to the gradual resolution of global imbalances andpromote sustainable growth of the global economy.2. We reaffirm that an ambitious outcome to the Doha Development Round by the end of 2006 is essential to enhancing growth andreducing poverty. Following the Hong Kong Ministerial Meeting, we recognize that further efforts are needed. We urge all participants toagree on a comprehensive package that achieves significant progress in agriculture, industrial products, services, including financialservices, intellectual property, and WTO trade rules, and that addresses the concerns of developing countries, in particular the leastdeveloped countries. These countries also need substantial aid for trade to help them take advantage of general liberalization.3. We reviewed the global energy outlook and welcomed the decision to focus on energy security for the G8 summit in St Petersburg .Market mechanisms are vital to the effective functioning of the global energy system. In order to improve the smooth functioning andstability of markets, we agreed to take forward work on enhancing the global energy policy dialogue between oil producing and consumingcountries and the private sector. Ongoing efforts, including in existing energy fora such as the IEA and the IEF, are important to helpenhance transparency, timeliness and reliability of demand and supply data, facilitate necessary investments in exploration, production,transportation, and refining capacity, as well as improve energy efficiency. This may also facilitate diversification of energy production andconsumption, develop alternative sources of energy, and protect the environment.4. We call on the World Bank to work with low-income countries to develop country-specific energy strategies to help them achieve theMillennium Development Goals. The initiative launched by a number of donors and IFIs on infrastructure will complement this work. Welook forward to the launch at the Spring Meetings of the World Bank led framework to enhance investment in low carbon energy andenergy efficiency in developing countries with the full participation of Regional Development Banks. We welcome the creation of the IMF'sExogenous Shocks Facility (ESF) to provide policy support and address financing requirements of energy-poor developing countries. Wewelcome financial commitments already made to the ESF and encourage other donors, including oil producing countries, to makecontributions. We reiterate our commitment, after the 2005 Gleneagles Summit , to a successful replenishment of the Global EnvironmentFacility.5. We recognize the importance of the development agenda and call for full implementation of commitments made on the Multilateral DebtRelief Initiative, aid effectiveness, and increasing resources for development. Specifically, we support the decision by the IMF Board toimplement 100 per cent debt relief and the cancellation of the debts of 19 countries at the beginning of 2006 and encourage IDA and AfDFto finalize urgently all necessary steps for implementation. We welcome the fact that Russia 's good economic performance and improvedfiscal position will allow it to join other G8 countries in the area of development finance by stepping up its efforts in this field.6. We also welcome that Russia 's improved fiscal position will allow it to seek further prepayment of its eligible debt owed to the ParisClub of creditors.7. We acknowledge the risk of a possible avian flu pandemic and its potential economic and financial impacts. We welcome progressmade at the donors' conference in Beijing in securing financial support for the national and international efforts to minimize the risk posedby a pandemic influenza and confirm our commitments made at this conference. We call on the donor community to provide financialsupport to poor countries fighting the epidemic through the existing mechanisms, recognizing that donor coordination and harmonization inthis area are critical. We note the IMF's work to promote best practices in contingency planning for financial systems. We welcome thework under way on Advance Market Commitments for vaccines and look forward to a specific AMC proposal at next meeting in April.8. We welcome progress made in combating money laundering and terrorist financing and commit to continue our support for regionalcooperation. We also commend the active role and strong leadership by Russia in the creation of a regional FATF-style organization with 3/5/2020 Statement by G8 Finance Ministers Moscow February 10-11, 2006https://www.treasury.gov/press-center/press-releases/Pages/js4124.aspx 2/2 the participation of countries of Central Asia and China . We call on the IMF and World Bank to continue to support these efforts. Wereiterate our resolve to fight money laundering and terrorism financing through implementing the 2005 AML/CFT action plan within theframework of the G8, the FATF, and other fora. We are committed to strengthening our systems for freezing assets, information sharing,and multilateral financial tools to disrupt criminal and illicit activities.9. We welcome Russia 's initiative in promoting research on aspects of good governance in public finance and will discuss this at our nextmeeting. 

Statement by G8 Finance Ministers Moscow February 10-11, 2006

https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=4981&context=ypfs-documents

Statement by G8 Finance Ministers Moscow February 10-11, 2006

Abstract

Similar works

Full text

Available Versions

Yale University