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From: C-ap@clari.net (AP / MICHELLE FAUL, Associated Press Writer)
Newsgroups: clari.world.americas.caribbean,clari.world.top,clari.world,clari.world.americas,clari.world.americas.meso
Subject: Group of 15 Wants Financial Reforms
Keywords: General financial/business news
Organization: Copyright 1999 by The Associated Press (via ClariNet)
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Date: Fri, 12 Feb 1999 15:39:04 PST
Expires: Fri, 26 Feb 1999 15:00:33 PST
ACategory: financial
Slugword: Developing-Nations
Threadword: developing
Priority: major
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	MONTEGO BAY, Jamaica (AP) -- Leaders of developing nations on  
Friday called for restrictions on currency speculators and huge 
multinationals to prevent them from wreaking havoc on small 
economies. 
	Yearning for a stronger voice on the world stage, the diverse  
nations of the Group of 15 meeting in Jamaica agreed that a more 
humane financial world order was needed to prevent a few rich 
players from getting richer at the expense of hundreds of millions 
of poor people. 
	``We have been reminded of the spread of the consequences of the  
process of globalization in a world that has become increasingly 
cold and heartless,'' Jamaica's Prime Minister P.J. Patterson said 
in closing the summit of the G-15 -- which actually has 17 members 
and represents about 30 percent of the world's population. 
	At the close of a summit dominated by bitterness over the dark  
side of globalization, the leaders declared that the fallout from 
Southeast Asia's financial crisis shows that industrialized nations 
must address the developing world's concerns. 
	The G-15 leaders emphasized their commitment to free trade, but  
they said it must be regulated. 
	Asia's crisis ``did not stem from resistance of the affected  
economies to a globalizing world ... (but) our failure to manage 
the integration,'' said Indonesia's economy minister, Ginandjar 
Kartasasmita. 
	The diversity of interests of the G-15 -- which includes Brazil,  
Mexico, India and Egypt -- was reflected in a statement at the end 
of the three-day meeting. 
	It called for:  
	-- International rules to monitor large financial players,  
especially hedge funds and currency speculators blamed in part for 
the Asian crisis. The suggested measures fell short of Malaysian 
Prime Minister Mahathir Mohamad's calls for an international 
regulating body. 
	-- ``Social safety nets'' in development policies and programs to  
meet the needs of the poorest. 
	-- Speedy implementation of initiatives by the Group of Eight  
industrialized nations and the European Union to forgive the debts 
of the poorest countries. 
	-- Urgent programs to fight increasing poverty and unemployment  
``as a means for ensuring international peace and stability.'' 
	-- Opposing ``disguised protectionist measures'' by  
industrialized nations and the use of trade sanctions to achieve 
environmental objectives. 
	-- Resisting ``unilateral measures with extra-territorial  
effects'' -- an apparent reference to the U.S. economic embargo 
against Cuba. 
	-- A comprehensive international convention to combat terrorism.  
	The leaders also called for more dialogue with the G-8 to change  
policies at the World Bank and International Monetary Fund, which 
they said reacted too late and with too little aid to the Asian 
crisis. 
	Developing nations say the institutions, whose loans are tied to  
stringent measures that often hit the poorest hardest, should offer 
more flexible lending packages. 
	The statement was agreed to by senior ministers from all the  
participating countries: Algeria, Argentina, Brazil, Chile, Egypt, 
India, Indonesia, Jamaica, Malaysia, Mexico, Kenya, Nigeria, Peru, 
Senegal, Sri Lanka, Venezuela and Zimbabwe. 
-=-=-	 
                           AP NEWS
               The Associated Press News Service
             Copyright 1998 by The Associated Press
                      All Rights Reserved

The information contained in the AP News report may not be published,  
broadcast or redistributed without the prior written authority of 
The Associated Press. 
  	   	

