ID :
34577
Tue, 12/09/2008 - 14:18
Auther :
Shortlink :
https://oananews.org//node/34577
The shortlink copeid
Canadian envoy does not foresee G-20 replacing G-8 as major forum+
TOKYO, Dec. 8 Kyodo - New Canadian Ambassador to Japan Jonathan Fried said Monday he believes that the Group of 20 major advanced and emerging economies will not replace the Group of Eight countries as a key global forum to address various challenges.
Fried, who until recently served as an executive director of the International
Monetary Fund, said the Nov. 14-15 G-20 summit in Washington was an appropriate
framework to tackle the ongoing financial crisis and that the G-8 can coexist
with that group.
''The G-8 and the G-20 have coexisted successfully among finance ministers
since 1999,'' Fried said at the Japan National Press Club.
''And indeed as the Toyako summit demonstrated, the business of the G-8 goes
well beyond the current financial conjuncture to areas ranging from peace and
security, to climate change and to other shared challenges,'' he said,
referring to this year's G-8 leaders' meeting in the Lake Toya resort area of
Hokkaido.
''The G-8 has and will continue to have a core, central role to play in the
stewardship of global issues,'' the envoy said.
The G-8 groups Britain, Canada, France, Germany, Italy, Japan, Russia and the
United States.
The G-20 brings together the G-8 plus Australia, Argentina, Brazil, China,
India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea, Turkey and
the European Union. Finance ministers and central bank governors of the 20
economies have held annual meetings since 1999.
Fried said reform of the IMF and the World Bank, which was discussed at the
Washington financial summit, is ''a longer time issue'' and is ''not going to
resolve quickly.''
He expressed appreciation for Japan's pledge to lend up to $100 billion to the
IMF so that the Washington-based lender can continue extending loans to needy
nations. The envoy said Tokyo's proposal was ''an important signal'' toward
bolstering the IMF's capacity.
On ways to address the ongoing global economic downturn, the ambassador pointed
out that the G-20 nations agreed on the importance of ensuring that the
financial system ''is in a position to lend again'' through the injection of
capital into the banking system.
''Spending that constitutes an investment with a multiplier effect such as on
infrastructure, can be more beneficial than simple cash alone,'' Fried said.
Ottawa views infrastructure spending as positive providing that fiscal
sustainability is ensured, he indicated.
The envoy said while Japan is saddled with heavy debts, the country has shown
its ability ''to carry a larger size of debt'' than other countries since it is
all denominated in yen. He suggested that Tokyo can afford fiscal stimulus
measures to buoy the faltering economy.
==Kyodo
2008-12-08 22:17:18
Fried, who until recently served as an executive director of the International
Monetary Fund, said the Nov. 14-15 G-20 summit in Washington was an appropriate
framework to tackle the ongoing financial crisis and that the G-8 can coexist
with that group.
''The G-8 and the G-20 have coexisted successfully among finance ministers
since 1999,'' Fried said at the Japan National Press Club.
''And indeed as the Toyako summit demonstrated, the business of the G-8 goes
well beyond the current financial conjuncture to areas ranging from peace and
security, to climate change and to other shared challenges,'' he said,
referring to this year's G-8 leaders' meeting in the Lake Toya resort area of
Hokkaido.
''The G-8 has and will continue to have a core, central role to play in the
stewardship of global issues,'' the envoy said.
The G-8 groups Britain, Canada, France, Germany, Italy, Japan, Russia and the
United States.
The G-20 brings together the G-8 plus Australia, Argentina, Brazil, China,
India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea, Turkey and
the European Union. Finance ministers and central bank governors of the 20
economies have held annual meetings since 1999.
Fried said reform of the IMF and the World Bank, which was discussed at the
Washington financial summit, is ''a longer time issue'' and is ''not going to
resolve quickly.''
He expressed appreciation for Japan's pledge to lend up to $100 billion to the
IMF so that the Washington-based lender can continue extending loans to needy
nations. The envoy said Tokyo's proposal was ''an important signal'' toward
bolstering the IMF's capacity.
On ways to address the ongoing global economic downturn, the ambassador pointed
out that the G-20 nations agreed on the importance of ensuring that the
financial system ''is in a position to lend again'' through the injection of
capital into the banking system.
''Spending that constitutes an investment with a multiplier effect such as on
infrastructure, can be more beneficial than simple cash alone,'' Fried said.
Ottawa views infrastructure spending as positive providing that fiscal
sustainability is ensured, he indicated.
The envoy said while Japan is saddled with heavy debts, the country has shown
its ability ''to carry a larger size of debt'' than other countries since it is
all denominated in yen. He suggested that Tokyo can afford fiscal stimulus
measures to buoy the faltering economy.
==Kyodo
2008-12-08 22:17:18
