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Next summit in Naples; Russia gets $3b

G-7 leaders to beef up global growth, combat joblessness
TOKYO, July 9 : Group of Seven (G-7) leaders agreed to pursue a strategy of global growth through broad economic policy and reforms aimed at creating more jobs, they said in a six-page communique released today, reports AFP.
In the statement released on the last day of a three-day summit in Tokyo, they said reducing unemployment required a double strategy: "Prudent
macro-economic policies to promote non-inflationary sustainable growth and structural reforms to improve the efficiency of markets, especially labour markets."
They agreed to sent their Finance Ministers to special talks aimed at creating more jobs and reducing rising unemployment which has left 23 million people jobless in Britain, Canada, France, Germany, Italy, Japan and the United States.
That is unacceptable", they said of the jobless figure.
The special meeting on unemployment was proposed by US President Bill Clinton ahead of the start of the G-7 Summit on Wednesday.
A French official said G-7 "Sherpas' so-called because they pave the way for top-level talks. worked until shortly before dawn Friday drafting the com munique which traditionally marks the end of the annual summit.
In the statement. G-7 leaders cited "modest recovery'' in Japan.
But they said unemployment would resist the benefits of resumed economic growth more stubbornly than in the past.
"Much of the recctA increase (In unemployment) is attributable to the present economic slowdown, but a significant part of the current level of unemployment Is structural in nature," the declaration said.
The United States and Japan, who between them have a total 40 per cent of the global economy, pledged to trim troubling components of their economies.
The United States promised steady reductions in fiscal deficits over the medium term and Japan pledged to continue efforts to stimulate domestic demand and trim its surpluses.
"In North America, strong actions, which have been long overdue in the United States and which we welcome, arc being taken to ensure substantial and steady reductions in fiscal deficits over the medium term, higher level of domestic savings and investment, and lower longterm interest rates."
"Japan will implement fiscal and monetary measures as necessary, to ensure sustained non-inflationary growth led by strong domeslic demand, keeping in mind the need for long-tern fiscal prudence".
The G-7 leaders also called for the successful conclusion of the troubled Uruguay Round of the General Agreement on Tariffs and Trade.
"Successful and rapid conclusion of the Uruguay Round will also ixxist the confidence of investors and consumers, and thus will be an important contribution to recovery and growth", they said in the state merit.
S3 billion for Russia
G-7 leaders approved three billion dollars in privatisation money for Russia but said they want Russian President Boris Yeltsin to slash inflation.
”Wc urge Russia to intensify its efforts to reduce Inflation and the budget deficit," they said.
The Organisation of Eco-
nomic Cooperation and Development (OECD) recently estimated 1992 inflation for Russia and the former Soviet republics at 200 per cent.
In April, the United States had proposed a four-billion-dollar fund to be disbursed over three to five years.
However, the total three billion approved Friday would be released by the end of 1994 at the latest. The sum is one billion dollars above the figure Washington had originally proposed just ahead of the summit opening on Wednesday
The leaders said they had been willing to expand the sum owing to Yeltsin’s success in bringing down inflation, if only slightly, stabilising the ruble, and halting an alarming decline in Russia's industrial production.
Also in the economic statement. they urged Russia and the International Monetary Fund to begin negotiations immediately on a standby credit facility.
Yeltsin was to meet with G-7 leaders at the Akasaka Palace Friday afternoon.
G-7 leaders said they accepted an invitation by the 1994 President of G-7, Italian Prime Minister Carlo Azcglio Clampi, to hold the summit next July in Naples, Italy.