Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 1054 Sun. May 20, 2007  
   
Business


G8 urged to help cut debt burden of low, middle income states


Jordan's King Abdullah II on Saturday opened a summit of G11 developing countries calling for a partnership with G8 industrialised nations and help to reduce the debt of low- and middle-income states.

"Our two organisations have a vital shared goal, to strengthen prosperity and peace in the 21st century," he told heads of state and officials meeting on the shores of the Dead Sea on the sidelines of a Middle East World Economic Forum.

The G11, launched last September by King Abdullah, groups Croatia, Ecuador, El Salvador, Georgia, Honduras, Indonesia, Jordan, Morocco, Pakistan, Paraguay and Sri Lanka.

Progress by these countries to forge ahead with reforms, build their economies and alleviate poverty rests on "having the budgetary space to continue to invest in development and economic growth," the king said.

"For all of us, that space has been squeezed by fiscal and other constraints -- high debt burdens, rising oil prices and other external shocks, rising employment demand and more.

"It is vital that the international community support our continued progress," he said.

He said the G11 identified four priorities -- debt alleviation, investment promotion, trade development and targeted grant assistance -- and submitted them to the G8 for consideration at their next summit in June.

The two groups agreed "to discuss the establishment of a formal, institutional relationship" at the G8 gathering in Germany, the king said.

The G11 "will tell the world that the friends of development will not be satisfied until the house of prosperity is really open to all, that our countries are not simply welcomed up the path, not simply left at the door, but invited, gladly, over the threshold and into the house," he added.