NAM urges debt reduction for world's poorest nations<\/p>\n
JAKARTA (JP): President Soeharto, in his capacity as chairman
\nof the Non-Aligned Movement (NAM), yesterday renewed his appeal
\nto leaders of the world's wealthiest countries to reduce the debt
\nburdens of the world's poorest nations.<\/p>\n
\"An important issue for the poorest, heavily indebted
\ndeveloping countries is the need for a `once and for all'
\nreduction of all types of debt, in particular multilateral debt,\"
\nSoeharto said in a message sent ahead of the Group of Seven (G-7)
\nsummit in Halifax, Canada, this week.<\/p>\n
\"Serious consideration should be given to the use of IMF
\n(International Monetary Fund) gold and other modalities for
\nimplementing multilateral debt reduction.\"<\/p>\n
The letter, a copy of which was made available to the press by
\nthe presidential office here, was addressed to Canadian Prime
\nMinister Jean Chretien, the host of the June 15-17 summit which
\nwill be attended by leaders from the United States, Japan,
\nBritain, Germany, France and Italy.<\/p>\n
Soeharto appealed for a review of the working mechanisms of
\nthe World Bank and the IMF, including voting rights in the two
\ninstitutions.<\/p>\n
He said those agencies, also known as the Bretton Wood
\ninstitutions, had often been used to serve the domestic political
\ninterests of developed countries as their major shareholders.<\/p>\n
\"Such actions have resulted in an ambiguity of mission, goal
\ncongestion and a diffused pattern of lending. There is a clear
\nneed for these institutions to return to a more focussed set of
\npriorities,\" he said.<\/p>\n
The NAM chairman urged the G-7 countries strive for a more
\neffective multilateral surveillance system of the world economy,
\nthrough greater discipline and coordination of their fiscal and
\nmonetary policies.<\/p>\n
Impact<\/p>\n
\"Their polices have a severe global impact through highly
\nunstable exchange rates and interest rates, as well as volatile
\ninternational capital flows. The developing countries have a
\nparticularly strong stake in this matter.\"<\/p>\n
This is the third consecutive occasion on which the NAM
\nchairman has made an appeal to the G-7 leaders just ahead of
\ntheir annual summit.<\/p>\n
In 1993, Soeharto even traveled to Tokyo to meet with some of
\nthe leaders, including U.S. President Bill Clinton, just before
\ntheir summit began, drawing their attention to the plight of the
\npoorest developing countries in Africa and Asia, most of whom are
\nmembers of the 112-nation movement. The concerns he raised were
\nduly noted during the summit.<\/p>\n
Last year, Soeharto sent a similar message ahead of the G-7
\nsummit in Napoli, Italy. (emb)<\/p>",
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