G8 Finance Ministers' Meetings

G7 Statement Regarding the Economy
of the Palestinian Authority

Dubai, September 20, 2003

Statement of G7 Finance Ministers and Central Bank Governors
Agenda for Growth - September 2003

We met this morning with Palestinian Finance Minister Salam Fayyad to discuss the Palestinian economy. We are concerned about the current humanitarian situation and fully support the peace process and the efforts to bring peace, economic stability and prosperity to the region.

We applaud Finance Minister Fayyad's reform efforts to improve transparency in the budget and the operations of the Palestinian Authority. We underscore the importance of such reforms to the confidence of both the Palestinian people and donors. We trust that these continuing efforts will remain a priority of the Palestinian Authority.

As requested at the Evian Summit, we will work together with the Palestinian authorities, the IFIs and other institutions to contribute to the design of a Comprehensive Plan for the revitalization and reconstruction of the Palestinian economy and to implement it in the context of the peace process along the Road Map. We have instructed our Deputies to report by the Spring meetings.

We have also agreed to review the prospects for increased financial assistance to the Palestinian Authority in the short term. We will advocate that the World Bank replenish the Trust Fund for the West Bank and Gaza this Fall. We urge other members of the international community to increase and accelerate their assistance provided to Palestinian Authority.

Source: Finance Canada

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