§ Dr. TongeTo ask the Chancellor of the Exchequer what initiatives the G8 Summit discussed regarding the impact of the Asian financial crisis on the poor; and what proposals were made. [43733]
§ Mrs. LiddellG8 leaders were very conscious of the serious impact of the Asian crisis on the poor and most vulnerable. They agreed that economic and financial reform needs to be matched with actions and policies by the countries concerned to help protect these groups from the worst effects of the crisis. G8 leaders welcomed the support for this by the World Bank, the Asian Development Bank and bilateral donors and the increased emphasis on social expenditure in programmes agreed by the IMF. At the Summit there was also a full discussion of the challenges of poorer developing countries throughout the wider world and a number of steps were agreed to help them. The conclusions on this are contained in the G8 Communique in the Library of the House.