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

Sri Lanka's state minister of defence Ruwan Wijewardene (L) takes part in a press conference in Colombo on April 24, 2019. - A Sri Lankan security dragnet hunting those responsible for horrifying bombings that claimed more than 350 lives has scooped up a further 18 suspects, police said April 24, as pressure mounted on politicians to explain why no one acted on intelligence warnings. (Photo by ISHARA S. KODIKARA / AFP) (Photo credit should read ISHARA S. KODIKARA/AFP/Getty Images)

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.