Take Note

Published: Monday 15 November 2004

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.

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