The seven large industrial economies and international lending institutions should focus on achieving "a new level of success in reducing poverty," US Treasury Secretary Paul O'Neill said Thursday.
Speaking to reporters ahead of Saturday's gathering of the Group of Seven (G7) finance ministers meeting in Rome, O'Neill said a key focus will be strenghthening international financial institutions such as the International Monetary Fund and multilateral development banks (MDBs).
These development banks "need to spark a new hope of a brighter future," O'Neill said.
"With more than 1.2 billion people around the world living on less than one dollar a day, there is no question that we need to achieve a new level of success in reducing poverty," he stated.
"We believe that continually improving skills and ideas and building an entrepreneurial environment that encourages individual initiative are of fundamental importance."
O'Neill said the IMF meanwhile needs to ensure its role in "careful monitoring and prompt decisions before financial crises occur."
The US official added that he would advocate "an increased focus on education and an increased reliance on grants as a credible mechanism for financing key developments in the poorest countries." |
