The G7 has urged oil producers to increase output for stabilising prices and called on countries with fixed exchange rates to adopt market-based systems. The requests were made in a communiqu released after the meeting of the rich nations on October 1, 2004, in Washington DC, USA. The second request was particularly directed at China whose currency, pegged to the dollar, has hurt US exports.
Iraq's debt of US $120 million was the most divisive issue at the meet. The US and the UK argued for a 95 per cent cancellation but France did not agree to reduce even half of it. Debt relief for other countries was not discussed.
We are a voice to you; you have been a support to us. Together we build journalism that is independent, credible and fearless. You can further help us by making a donation. This will mean a lot for our ability to bring you news, perspectives and analysis from the ground so that we can make change together.
.png)
Comments are moderated and will be published only after the site moderator’s approval. Please use a genuine email ID and provide your name. Selected comments may also be used in the ‘Letters’ section of the Down To Earth print edition.