Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Riyadh Metro to begin partial operations next Wednesday: Report    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Al Qadsiah hands Al Nassr their first defeat in the Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Downing Street indicates Netanyahu faces arrest if he enters UK    London's Gatwick airport reopens terminal after bomb scare evacuation    Civil Defense warns of thunderstorms across Saudi Arabia until Tuesday    Saudi Arabia, Japan strengthen cultural collaboration with new MoU    Slovak president meets Saudi delegation to bolster trade and investment ties    Saudi defense minister meets with Swedish state secretary    Navigating healthcare's future: Solutions for a sustainable system    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Sixth foreign tourist dies of suspected methanol poisoning in Laos    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws    Al-Jasser: Saudi Arabia to expand rail network to over 8,000 km    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



G7 ministers pledge to stimulate recovery of global economy
Published in Saudi Press Agency on 14 - 02 - 2009

Finance ministers and central bankers from the Group
of Seven (G7) most-industrialized nations ended talks Saturday with a
pledge to re-establish confidence in the stricken global financial
system and to stimulate a world-wide economic recovery, according to dpa.
A concluding statement after the gathering in Rome also renewed a
committment to avoid protectionist measures.
"An open system of global trade and investment is indispensable
for global prosperity," the statement said.
Ahead of the talks - which marked the first international
appearance of new US Treasury Secretary, Timothy Geithner - European
leaders had voiced concern over protectionism.
US President Barack Obama's administration's proposed economic
stimulus package includes a controversial "Buy American" clause.
Geithner said he had briefed his G7 counterparts from Japan,
Germany, France, Britain, Italy and Canada, on Washington's plans to
get the US economy back on track.
The measures "must be implemented in a way consistent with our
international obligations," Geithner told a news conference after the
meeting.
He was referring to commitments made by the United States and
other World Trade Organization (WTO) member nations to refrain from
raising new trade barriers.
Italian Economy Minister Giulio Tremonti, whose country holds the
current G7/G8 presidency, said he thought protectionism remains a
danger "not only for those nations like Italy whose economies are
based on exports."
"But for now the 'Buy this and Buy that' remain political
slogans," Tremonti said, adding he believed the WTO agreement
provided, "for now," a guarantee against protectionism.
With the severe economic downturn "expected to persist through
most of 2009" G7 members said they wished to prioritize measures to
strengthen the crisis-ridden banking sector.
"We need to make banks strong enough so that they can be
supportive of economic recovery," Geithner said.
These measures, participants agreed, would also require the
establishment of regulatory and oversight mechanisms to prevent a
repeat of the banking crisis, which most analysts say is at the root
of the current downturn.
G7 finance ministers have asked their deputies, in consultation
with partners from emerging economies, to prepare by July a progress
report on an "agreed set of common principles and standards of
propriety, integrity and transparency of international economic and
financial activity," the statement said.
The G7 ministers did not identify a body which would eventually
take on the task of introducing new norms and regulations and
providing oversight over their implementation.
However, they agreed that a "reformed International Monetary Fund
(IMF), endowed with additional resources is crucial to respond
effectively and flexibly with the current crisis."
Germany, for its part, would "take part, if required" in providing
financial support to the IMF, German Finance Minister Peer
Steinbrueck said.
The Rome meeting came ahead of April's Group of 20 (G20) summit in
London - which includes representatives from nations with emerging
economies.
G7 participants on Saturday stressed the important role of such
emerging countries such as China, India and Brazil in safeguarding
international financial stability and economic growth.
In particular, they welcomed "China's fiscal measures and
continued commitment to move to a more flexible exchange rate."
This the G7 statement suggested, would lead to a rise in the value
of China's renminbi currency and, in making exports to the Asian
giant cheaper, "help promote more balanced growth in China and in the
world economy."


Clic here to read the story from its source.