PM Spencer Writes G20 Meeting in Washington over the Weekend

~~Adz:Right~~ ST. JOHN’S, Antigua – Minister of Antigua and Barbuda the Hon. W. Baldwin Spencer on the weekend wrote to President of the United States of America George Bush on behalf of the Group of 77 and China to address the Summit of 20 in Washington.

In his letter, Prime Minister Spencer said that the Group of 77 and China was pleased to see that the need for broad understanding and urgent and coordinated action to confront the current international financial and looming economic crises was recognized.  “These are truly global crises demanding global responses to avoid more devastating impacts,” he wrote.

PM Spencer pointed out that the majority of the members of the Group of 77 and China stand to be affected most by these crises.  “They are among the most dependent on the world economy, but have the least capacity to withstand or adjust to the shocks from these crises. They recognize the need for urgency, but are deeply concerned that they are not at the table and that their unique situation will be overlooked until it is too late,” he said.

Prime Minister Spencer in his letter to President Bush outlined that the members of the G77 & China are even more concerned that decisions taken might foreclose options which could be explored under other discussions, including the upcoming conference in Qatar at the end of the month to review decisions relating to Financing for Development.  He said that one major issue is the failure to reform and strengthen the international financial system as leaders determined in 2002 to guard against or provide warnings of such financial crises.

In concluding his letter, Prime Minister Spencer appealed to the Group of 20 to ensure that the interest of all states are considered; and that the outcomes include a determination towards a more inclusive process which can address the issue both in its immediate crisis stage as well as more medium to long-term structural aspects.

The G20 Summit in Washington over the weekend called for a broad policy response, emphasizing the role fiscal policy, such as tax cuts, must play in reviving economic growth. (Ends)