§ Mr. Campbell-SavoursTo ask the Chancellor of the Exchequer what is the nature of the G7 package of support for the Commonwealth of Independent States as a whole and each of its constituent republics; and if he will make a statement.
§ Mr. NelsonI refer the hon. Gentleman to the communiqués issued by the G7 and G10 on 26 and 27 April 1992 respectively, which are being placed in the Library of the House.
The G7 has expressed its commitment to support Russia's reform effort during the difficult period of transition by providing the recently announced !24 billion multilateral financial assistance package within the context of an agreed IMF programme. To this end, the G7 is prepared to provide up to !18 billion through substantial bilateral assistance, together with other countries, and through supporting significant financial resources from the international financial institutions. In addition, the G10 has supported the intention to establish a !6 billion rouble stabilisation fund.
No similar package has been announced for the other states of the former Soviet Union.