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We met last night and today to discuss the global economy, the importance of fostering development and our ongoing efforts to combat the financing of terrorism.
In October 2001, we released an Action Plan to Combat the Financing of Terrorism. Our commitment to this objective remains resolute and the international community has demonstrated its strong support. While we have made significant progress, further action is required, as set out in the attached annex.
Since we last met, prospects have generally strengthened for resumed expansion in our economies, although risks remain. We remain vigilant and will each continue to take appropriate steps to promote a strong and sustained recovery. We will continue to monitor exchange markets closely and cooperate as appropriate. We welcome the successful introduction of euro notes and coins.
Emerging market economies currently face mixed economic and financial market conditions. They should continue to implement policies conducive to investment and economic growth. We welcome as steps in the right direction recent announcements by Argentine authorities. We encourage them to continue to work closely with the International Monetary Fund (IMF) and the international community on a financially and socially sustainable economic reform program that will enhance prospects for growth and future foreign investment.
Recent events have highlighted the importance of an improved, predictable and fair framework, involving the private sector, to prevent and resolve international financial crises. We are committed to playing a leading role in improving this framework and will review progress at our next meeting. In this regard, we welcome the IMF management's proposal on sovereign debt restructuring as a useful contribution that addresses some of the legal and practical obstacles to timely and orderly debt restructuring.
We recognize the difficult challenges that the world's poorest countries face in reducing poverty and raising living standards. We explored ways to enable all countries to benefit more from greater global economic integration. We will continue to work with other donors to resolve outstanding issues on the 13th replenishment of the International Development Association, in order to ensure that additional resources for development are made available.
We underlined the need for more effective use of development assistance and a commitment to sound policies, good governance and the rule of law by all countries. We had a productive discussion of development policy issues, including possible innovative ways to mobilize additional domestic and external resources, trade and external debt, and look forward to continued discussions at the UN Financing for Development conference in Monterrey in March.
We welcomed Russia's strong growth and significant structural reforms, and encourage further progress in strengthening the financial sector, improving corporate governance and the investment climate, and combating terrorist financing. We agreed on the importance of Russia's early accession to the World Trade Organization (WTO).