§ Ms ArmstrongTo ask the Chancellor of the Exchequer what plans the Government have to progress the recommendations for reforms to the World bank and International Monetary Fund, as outlined in the background paper to the communiqué presented at the recent G7 meeting in Halifax, Canada. [32209]
§ Mr. NelsonThe proposals agreed at Halifax among the G7 for reform of the World bank and International Monetary Fund now need to be discussed by the entire membership of those institutions. The G7 recognises that changes will need broad support among the membership. The Canadian Finance Minister has written on behalf of the G7 to every governor of the two institutions, commending the proposals and seeking comments. The Government hope they will now be considered by the executive boards of the World bank and International Monetary Fund, and at the autumn ministerial meetings of the interim and development committees. The Government will also discuss the proposals in other forms, and bilaterally with other non-G7 countries. I hope, for example, that we will be able to have a useful exchange of views at the Commonwealth Finance Ministers' conference in October.