G11 admits two great sins; promise “fiscal prudence and sound monetary policies” in future

SHUNEH, Jordan, May 19, 2007 (AFP) – G11 developing countries agreed at a summit Saturday on a framework to push for cooperation with G8 industrialised nations to ease their debts and build prosperous economies. “Our two organisations have a vital shared goal, to strengthen prosperity and peace in the 21st century,” Jordan’s King Abdullah II told G11 heads of state and officials 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 the 11 in forging ahead with reforms, building their economies and alleviating poverty rests on “having the budgetary space to continue to invest in development and economic growth,” the king said.

“It is vital that the international community support our continued progress,” hampered by high debt, rising oil prices and other challenges, he told delegates.

The presidents of Croatia, El Salvador, Georgia and Sri Lanka attended the nearly two-hour summit alongside senior officials from the other G11 countries. Representatives from G8 members Germany and Japan were also present.

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