Chinese Vice Minister of Finance Jin Liqun on Friday strongly called for more efforts to achieve the Millennium Development Goals (MDGs) at the 69th Meeting of the Ministers of the Group of Twenty-four held in Washington.
At the meeting, Jin said that international capital flows into developing countries are decelerating, non-oil commodity prices are declining further, and the economic development and poverty reduction process have been severely hampered.
Jin said that in light of the increasing geopolitical and economic uncertainty, it is important that all countries should adopt appropriate policies to counter challenges. In particular, the major industrial countries should assume a greater responsibility to sustain global economic growth by implementing supportive macro-economic policies, strengthening policy coordination and increasing market access for developing countries, said Jin.
Jin said that the IMF needs to tighten its supervision over the macroeconomic and financial policies of the major industrial countries and support developing countries in promoting structural adjustment and maintaining their growth momentum.
As to the World Bank, Jin said the Bank needs to increase financial support for developing countries, particularly in infrastructure development. "We sincerely hope that the new round of Doha trade negotiations will achieve substantial progress so as to create a favorable condition for economic development of developing countries," Jin said.
Jin said both the IMF and the World Bank should consider using the existing financing facilities to increase support to crisis countries. Meanwhile, the IMF needs to actively promote quota increase and the allocation of special drawing rights (SDRs), said Jin.
Jin said that in particular, the IMF needs to complete as soon as possible the special one-time allocation of SDRs to strengthen the capacity of its member countries to withstand crisis.
Jin said lack of adequate fund is one of the biggest hurdles in achieving MDGs. Developed countries should take prompt actions to further increase the volume of development assistance and improve its effectiveness, said Jin.
Jin said that the development assistance is not a charity, but rather it is the due responsibility that should be taken by developed countries, and it will also help create a favorable environment for developed countries.
(Xinhua News Agency April 12, 2003)