Contacts: In Melbourne: Lester Dally +1-(202) -352 -0363 Ldally@worldbank.org In Washington: Elisabeth Mealey +1-(202) 458-4475, EMealey@worldbank.org; Geetanjali Chopra; +1-(202)-473-0243, Gchopra@worldbank.org MELBOURNE, Nov. 19, 2006 – At a meeting of the G-20 Finance Ministers and Central Bank Governors, officials voiced support for several initiatives important to the World Bank, including the Clean Energy Investment Framework and the Extractive Industries Transparency Initiative. The annual meetings of finance ministers from the world’s largest economies ended today in Melbourne, Australia. Officials present represent around 90 percent of world GDP, 80 percent of world trade and two-thirds of the world’s population. This year the group was chaired by Australia. The G-20 meeting also underscored the importance of the need for further aid increases, improving aid effectiveness and good governance. “I welcomed the continued commitment by G20 Ministers to fulfill the pledges made at Gleneagles to increase the amount and effectiveness of aid,” said Paul Wolfowitz, World Bank President. “I also strongly supported the G-20 call for an early resumption of WTO negotiations and the achievement of an ambitious outcome of trade negotiations for the benefit of all. Aid, debt relief and greater trade opportunities are all needed to reduce global poverty.” Wolfowitz also met Australian Treasurer Costello and held separate meetings with leaders of Australia’s major civil society organizations to discuss a range of priority development issues. He also spoke at the annual meeting of the Energy and Minerals Business Council, which represents global leaders of the energy and mineral industry, on the importance of transparency and good governance in managing the significant new revenues that poor countries expect to receive from oil, gas and minerals. G20 Finance Ministers and Central Bank Governors issued a joint communiqué, which covered a range of issues including the global outlook, global energy and minerals markets, demographic change, reform of the Bretton Woods Institutions and aid commitments and effectiveness. On the global outlook, G20 members noted “that the world economy continues to expand at a solid pace, with growth above its long-term average for the fourth consecutive year…Growth in industrialised countries is expected to moderate slightly from its recent strong pace. Among emerging market economies, output is expected to remain strong, with key economies like China and India continuing their rapid expansion…Stable global growth depends on open trade…G20 members call for an early resumption of WTO negotiations and the achievement of an ambitious outcome for the benefit of all.” On global energy and minerals markets, members “affirmed the commitment made in the G20 Accord for Sustained Growth in 2004 to direct domestic policies towards creating a favourable overall investment climate and enhancing domestic and international competition.” They “noted the benefits of the Extractive Industries Transparency Initiative…and supported progress on the World Bank-led Clean Energy Investment Framework.” On demographic change, members recognized “the importance of early consideration of policies to smooth the inevitable adjustments that will need to be made.” On the reform of the Bretton Woods Institutions, the G20 “believes that the effectiveness and legitimacy of the IMF and World Bank must be enhanced through comprehensive governance reform and strategic policy review” and “welcomed the Development Committee’s call for the World Bank to work with its shareholders to consider voice and participations in the governance of the Bank and agreed that the G20 can play an important role in this renewed debate.” On aid commitments and effectiveness, the G20 welcomed “recent increase in aid and debt relief and underscored the importance of pledges of further aid increases being fulfilled, along with renewed efforts to improve the quality of aid.” Next year, the G20 will be chaired by South Africa.
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