Date: Fri, 19 Oct 2001 14:56:55 -0700 (PDT)
From: for a new world <satellitecrash-AT-yahoo.com>
Subject: AUT: IMF Meeting to be held in Ottawa Nov 17-18



> 
> Canada to Host Nov International Finance Meetings
> By Irene Marushko
> 
> OTTAWA (Reuters) - International monetary meetings,
> that had been scheduled for
> Washington in September and New Delhi next month,
> will now take place in Ottawa
> on Nov. 17-18, Canadian Finance Minister Paul Martin
> said on Wednesday.
> 
> Martin said the International Monetary Fund's policy
> making International
> Monetary and Finance Committee, and the World Bank's
> Development Committee,
> would meet in Ottawa. along with the Group of 20 of
> wealthy and poorer nations.
> 
> The IMF and World Bank groups had initially been
> scheduled to meet in
> Washington at the end of September, during annual
> meetings of the two
> international lenders. But the meetings were
> postponed after the attacks on New
> York and the Pentagon.
> 
> The Ottawa meetings will take place against the
> backdrop of a worsening world
> economy that is expected to hit poor nations
> hardest, and with fears growing
> about public safety.
> 
> "In the wake of Sept. 11 it is more vital than ever
> that we continue our work
> on the global stage," Martin said. "These meetings
> will help to create the
> conditions for global prosperity and also broaden
> the fight against terrorism."
> 
> Martin said the next meeting of the G20 had been
> shifted to Ottawa after the
> Indian government decided against hosting it.
> 
> "Canada is pleased to help at this challenging
> time," he said. "And it is my
> hope that we will continue the work of the G20 at
> our next annual meeting in
> India."
> 
> Martin chairs the G20, comprising the Group of Seven
> rich industrialized
> countries plus major developing economies. The group
> was devised after criticism
> that the G7 -- Britain, Canada, France, Germany,
> Italy, Japan and the United
> States -- was too exclusive.
> 
> IT'S THE ECONOMY
> 
> Martin said the state of the global economy, thrown
> into disarray in the wake
> of the attacks that killed up to 6,000 people, would
> take up much of the
> discussions, as would issues of like health care and
> education in poorer
> nations.
> 
> "I think that, very clearly, the position of a
> number of emerging markets will
> certainly come to the fore, and I would look forward
> to some of the G7 members,
> especially the United States, giving us all an
> overview as to where they all
> are," Martin said.
> 
> The state of the giant U.S. economy, which drove the
> boom of the past few
> years, has left many countries worried about when it
> might begin to recover.
> 
> Martin also said G20 nations would discuss how to
> crack down on the funding of
> violent groups, following on from an unprecedented
> resolution by G7 finance
> ministers this month to make a concerted effort to
> halt money flows.
> 
> "What we need is a major international effort to
> fight financing for terrorism
> and the G20 is going to play a very important role
> in that area," he said.
> 
> He said talks on the state of the economies of
> Turkey and Argentina would also
> figure prominently.
> 
> The IMF committee is expected to engage in talks
> about what to do in the event
> of a deeper downturn, including proposals to offer
> new loans and credit lines
> and a financing facility to compensate for higher
> oil prices.
> 
> Martin shrugged off concerns about Canada
> compromising its security to stage
> such a high-profile event. Protesters against
> globalization have also become
> standard participants at such meetings, and many
> protests turn violent.
> 
> "Let me say how important it is that we send the
> message that we cannot and we
> will not allow terrorist acts to bring the world to
> a halt," Martin said, adding
> that Ottawa had just successfully hosted an
> international meeting of NATO.
> 
> Anti-poverty groups in the United States said short
> notice of the meetings
> meant they may send only small protest groups.
> 
> "I'm sure there will be some kind of protest but I
> don't know what or how big
> it will be," said Njoki Njehu of 50 Years is Enough,
> a group that wants the IMF
> abolished and is part of the Mobilization for Global
> Justice coalition.
> 


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