20 August 2008

Statement by G-7 Finance Ministers on Georgia

Finance ministers welcome international mediation efforts to end conflict

(begin text)

U.S. Department of the Treasury
Press Room
August 20, 2008

Statement by G-7 Finance Ministers on Georgia

G-7 Finance Ministers today issued the following statement on Georgia:

"G-7 Finance Ministers welcome the international mediation efforts to end the hostilities and to bring about a political solution to the conflict in Georgia. The loss of life, humanitarian suffering and wider destruction over recent days is considerable, and we welcome commitments to assist with the urgent humanitarian needs.

"We, the G-7, stand ready to support Georgia in order to promote the continued health of the Georgian economy, maintain confidence in Georgia's financial system and support economic reconstruction.

"In this regard we welcome the commitment by Georgia and the International Monetary Fund to work together to reinforce the soundness of Georgia's economic reform program. We also call on the Georgian authorities, other countries, the World Bank, European Bank for Reconstruction and Development, Asian Development Bank, European Investment Bank, and European Commission to promptly identify and support reconstruction needs and the restoration of services that will build a base for future economic growth.

"Georgia has solid economic fundamentals as a result of economic reforms and sound policies, and we are committed to helping Georgia continue on this path."

(end text)