Press Release No. 05/159

Press Release: Statement by IMF Managing Director Rodrigo de Rato After G8 Summit

July 8, 2005

Mr. Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the Group of Eight (G8) Summit at Gleneagles, Scotland:

"I welcome the wide-ranging agreements on climate change, energy and sustainable development reached at the Gleneagles Summit. The IMF is committed to playing its part in their implementation.

"The agreements to increase total official development assistance by US$50 billion and aid to Africa by US$25 billion represent a major contribution to assisting these countries in their efforts to make progress towards the Millennium Development Goals and in their quest to end poverty. The initiative to cancel multilateral debt of some of the poorest and most indebted countries is of great importance, and I look forward to detailed discussions by the IMF Executive Board in the weeks ahead. I note and welcome the G8 effort to put Nigeria's debt on a sustainable footing. The renewal of the partnership for development between G8 countries and Africa was a most encouraging result of the Summit. We believe, along with the Summit participants, that the additional assistance committed will bear its expected fruits if it is associated with sound macroeconomic policies, transparent and accountable government procedures, strong institutions, and well prioritized expenditures.

"I share the sense of importance given by the Summit to the rapid conclusion of the Doha Development Trade Round. Trade liberalization under the Round will both keep protectionist pressures at bay and help ensure that the world economy remains on a path of steady growth. The IMF agrees with the G8 leaders that it is in all our interests to use well the time before the WTO Ministerial Meeting in Hong Kong S.A.R. to prepare for a comprehensive agreement in 2006. I noted during meetings with the G8 leaders and those invited from Africa, Asia and Latin America that a cooperative approach to addressing economic challenges is necessary and will contribute to effective action against increased global imbalances and risks.

"The message of the Gleneagles Summit stands in answer to the terrorist attacks in London on July 7. Together with all my colleagues at the IMF, I would like to express my condolences to the victims and their families.

"I would also like to thank Prime Minister Blair for his invitation to attend the Summit and to the Scottish people for their hospitality."