NZ position on Iraq no hindrance to business – Norgate
Posted by click at 1:28 AM
stuff.co.nz
12 April 2003
LONDON: The Government's stance on the war in Iraq is unlikely to prevent Fonterra supplying dairy products to the war-ravaged nation, chief executive Craig Norgate says.
"It's still pretty clear how we are going to feed the Iraqis," Mr Norgate said.
Because of the humanitarian needs of the Iraqi people, it was unlikely New Zealand products would be excluded due to United States disapproval of anti-war comments coming out of New Zealand.
The needs of the Iraqi people would come before political decisions, he said. "Where the food comes from is not important."
Mr Norgate said the rebuilding of the Iraqi economy was vital, because it had been a good market for Fonterra and, more importantly, for global economic stability.
"The key determinant for global markets is how the Iraqi situation is resolved. That's far more important than any localised issue."
Mr Norgate was talking to NZPA after speaking at the Dairy Industry Newsletter conference in London, where he said continuing economic uncertainties made for "tough conditions" for his company in world markets.
Mr Norgate said Fonterra shareholders would have to wait to see the benefits of improved prices between September last year and February this year.
"The rise in prices we saw has still not come through – but it will next season."
The higher value of the Kiwi dollar has been a factor in lowering the forecast for milk solid payouts to farmers, he said.
The Fonterra chief executive rejected any suggestion the company had sold its products at "fire sale" prices, contributing to low forecast earnings.
"Milk is a perishable product. Customers know if you have it sitting there and they are not going to buy it.
"We said to the market last September we are fully sold up, it's time for the price to rise."
Once Europe finally believed this, prices did rise, he said.
Mr Norgate's contract as CEO finishes in July and, although he would not confirm he had reapplied, he said: "I have made it clear that I have a passion for this business".
A Serious Fraud Office investigation into the so-called "Powdergate" scandal, involving allegations Kiwi Milk Products were exported illegally, is continuing and Mr Norgate said he had not heard of any new developments.
The SFO investigation was unlikely to affect his position, or chances of reappointment, as CEO of Fonterra.
"I'd be very surprised if it found anything different to what we did," he said.
Mr Norgate returns to New Zealand later today (UK time) after a week in Europe and Russia, and predicted Fonterra, one of the world's largest dairy companies, would grow at a slower rate than it had since its inception in 2001.
"We have built our business rapidly, now it's about settling things down and gaining clarity," he said.
"We are now in a position to step back and make sure we are doing things well."
In terms of the European and American markets, Mr Norgate thought strained relations between the US and France over the Iraq crisis could take two possible routes.
"Either the US focus turns to the trade environment to rebuild relationships, or you will see a situation where the wounds take longer to heal."
Other important markets for Fonterra would perform well, he said.
Southeast Asia will remain a focus; with the advantage Fonterra has in freight terms over its major Northern Hemisphere rivals.
"We will see progress in Australia and China, but not at the pace you have seen in the last few years."
Fonterra's alliance with Nestle in Latin America was also performing well, he said.
Fonterra's strong performance in Brazil, Argentina and Venezuela would see the company "roll out" operations in other Latin American countries, he said.
Mr Norgate said he was confident Fonterra would find markets for its butter, but admitted this would not be easy.
"Yes, you have a structural stockpile in Europe, but I would not compare it to ten years ago when you had a butter mountain."
There are still markets for New Zealand butter in Russia and the Middle East but selling butter "has always been a challenge", he said.
"We always think we will be able to sell the product, but do we think the price will rise? No"
Mr Norgate said the company's stance on genetically engineered (GE) food was that it simply could not afford to own it, he said.
"We will make sure we invent stuff, then decide what we do with it."
Responding to reports Agresearch could seek other partners or customers for its GE research, Mr Norgate said a lot of the work Agresearch did in this area was in collaboration with Fonterra.
"For us, it's a defensive investment."
High school papers suddenly substantial
Sunday, April 13, 2003
By KATHLEEN CARROLL
<a href=www.northjersey.com>HERALD NEWS
During last Wednesday's editorial meeting of The Clarion, the blackboard in Room 219 at Hawthorne High School was filled with students' ideas for upcoming articles:
Prom Costs; SARS Virus; Budget/Voting; Boycott on France & Germany; Latin Program - cut?; Why Fashion Show Was Canceled; End of the World.
"Wait, I want to do something about Venezuela," said Cherish Persaud, 16. "Right now, everyone is only focusing on Saddam Hussein, who we call a dictator. But all the other dictators are getting a free chance to do whatever they want."
A teacher knocked into an ancient desk and sent the tabletop crashing to the floor.
"Vote for the budget!" someone joked, referencing the school budget referendum on this week's election ballot.
"Can we do a story about broken desks?" another student asked.
Some student editors of high-school newspapers are redrawing their papers' boundaries, publishing their classmates' articles about the war in Iraq alongside articles about under-stocked soda machines.
"We want to write powerful, real-world things that keep people informed," said Beth Alimena, 17, the editor in chief of The Clarion. Since September, Clarion writers have covered antiwar protests in New York City, high school drug tests, prayer in school, illegal immigrants, state-mandated affordable housing and the failure of the Environmental Protection Agency to meet air-quality standards.
"This is getting us ready," she said. "It's important to get out of the bubble and see what's going on. We're the future - I know that sounds so corny, but you look around and think, one of these days ... "
The Clarion ceased publication during the late 1990s and was revived as a 12-page, bi-monthly paper by two journalism teachers at Hawthorne High last year.
"We're trying to get away from the usual fluff that fills high school newspapers," said Sean Van Winkle, a faculty adviser to The Clarion and reporter for the Hawthorne Press, a community weekly. "We have school issues, but we also have our students look at the larger picture."
In a recent issue, one student's political cartoon showed President Bush in the center of a clock, counting off hours named after U.N. weapons inspections and war resolutions, waiting for the clock to strike 12, or war, o'clock.
"We try to make the paper interesting for students to read, but not so interesting that it gets the principal in trouble," said David Browne, principal of Hawthorne High School. As with most high-school newspapers, the principal reviews each issue before it goes to print.
At The Torch, at John F. Kennedy High School in Paterson, "students have some really deep issues on their minds," said Lories Nye-Flockbower, the paper's adviser and a former newspaper reporter.
"There's always a controversial issue, but no one says, 'Don't print it.'"
Articles about being gay in high school, the beating death of a homeless man by Kennedy students and gang warfare in Paterson have had prominent placement in recent issues of The Torch. The paper, whose history stretches back to Paterson's old Central High, has built a reputation for responsibility that frees its editors from the principal's oversight.
Last month, the editor in chief of The Torch, Ejona Shehu, 17, asked students and teachers for their opinions about the war. She quoted pacifist teachers, students with parents in the military, enlisted students and peace protesters.
"We wanted to relate things to students going into the military, and to the many students here who are Muslim," said Ejona, a Muslim who immigrated from Albania when she was 9. "Our students need to read about this. Since the Iraqi conflict started, everyone automatically assumed that if you are Arabic or Muslim, you would be against the war. Some people tend to think differently, even though they are Muslim."
Across town, at Eastside High School, student editorials about the war are featured in the next issue of The Criterion, that school's longtime student newspaper. At Clifton High School, writers for The Hub are concentrating on local affairs, said adviser Rita Whetton. Students at Wallington High School are also sticking with stories close to home, said Maria Tomassi, student editor of The Courier.
"We deal with positive reactions to reinforce what we're doing in school," she said. "We only have a few issues every year, so we try to get in a lot of school stuff. We don't have a lot of room to put other articles in."
For the papers that cast wide nets, keeping the focus on students is a major challenge.
"We wrote about Iraq, and then about a girl in school who is disabled," Ejona said. "We go from a big issue to what somebody on the outside would call a minor issue. We have things that our students can only read about in The Torch. No outside newspaper is going to come and write about our prom."
"This gives students a voice that can't otherwise be heard," said Beth, The Clarion editor. After a recent article about a broken Gatorade machine, the board of education responded and the problem is being fixed.
"We're not going to get 20 more teachers tomorrow, or 50 new desks, I know. But a thought-out, well-written article is listened to more than a complaint made in anger. It gives us a chance to go after things in a mature way."
"That's a big thing when you're dealing with adults," she explained.
Reach Kathleen Carroll at (973) 569-7135 or carroll@northjersey.com.
Washington File: Finance Group Urges International Involvement in Iraq's Future (IMF committee also agrees new U.N. resolution on Iraq needed)
<a href=usinfo.state.gov>Washington File
13 April 2003
The International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF) April 12 unanimously agreed that the international community, including the World Bank and International Monetary Fund (IMF), is "essential for sustained economic, social and political development in Iraq" and the Iraqi people are responsible for determining their own future, according to the committee's chairman, Gordon Brown, of Britain.
The committee further agreed that a new United Nations Security Council resolution regarding Iraq's future is needed, said Brown, briefing reporters following the committee's semi-annual meeting in Washington. The meeting was part of the World Bank/IMF spring meetings, which conclude April 13. Brown added that the IMFC didn't discuss the contents of a resolution.
"The Committee notes that the present situation in Iraq poses significant challenges, with an urgent need to restore security, relieve human suffering and promote economic growth and poverty reduction," the committee said in a post-meeting communiqué.
It urged early involvement of the Paris Club on the issue of Iraqi debt. The Paris Club is an informal group of official creditors. The amount of debt will first need to be determined before talks of debt restructuring or forgiveness can take place, said Horst Köhler, IMF managing director, at the briefing.
Brown said he was pleased with the spirit of cooperation at the IMFC meeting, which was based on a "common approach" and "shared values" towards poverty reduction.
The IMFC projects stronger growth in the second half of 2003 by the world's advanced economies, the communiqué said.
It said low-income countries could boost their prospects for growth through "improved economic policies, stronger institutions, progress in resolving regional conflicts and increased donor resources," including debt relief under the IMF/World Bank heavily indebted poor country (HIPC) program.
Brown stress the importance of trade liberalization and called on industrialized, emerging and developing countries to renew efforts to address obstacles to trade negotiations in advance of the World Trade Organization (WTO) meeting in Mexico later this year. Four areas needing urgent attention are agriculture, pharmaceuticals, services and healthcare for developing countries, he said.
The committee noted that accelerated labor and product market reforms are needed in Europe more steps to strengthen the banking and corporate sectors and to end deflation are needed in Japan.
WTO Director-General Supachai Panitchpakdi addressed the committee, Brown noted.
The IFMC welcomed progress with the standards and codes process, the communiqué said. It also supports the IMF's continued efforts to make surveillance of members' economic policies more comprehensive and accountable, it said.
The communiqué also said the IMF should have an important role in assisting poor countries make progress toward meeting the Millennium Development Goals of reducing poverty by half by 2015.
Other areas the IMFC supports, according to the communiqué are:
-- the inclusion of collection action clauses in international sovereign debt issues, done most recently by Mexico;
-- continued work on developing a "concrete" sovereign debt restructuring mechanism";
-- an increase in the voluntary publication of country IMF staff reports;
-- encouraging policies to reduce countries' credit vulnerabilities;
-- promoting more effective economic crisis resolution mechanisms;
-- actions by members to combat money laundering and the financing of terrorism; and
-- strengthening the voice of African nations in the IMF.
The next meeting of the IMFC will be September 21 in Dubai.
Following is the text of the IMFC communique:
(begin text)
Communiqué of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund
The International Monetary and Financial Committee held its seventh meeting in Washington, D.C. on April 12, 2003, under the Chairmanship of Mr. Gordon Brown, Chancellor of the Exchequer of the United Kingdom.
Global Economic Outlook
Meeting at a time of economic uncertainty, the Committee reaffirms its commitment to close international cooperation to strengthen confidence and support the global recovery. It underscores the importance of continued vigilance. But with readiness to adjust policies as necessary and determined further action on the structural front, the world economy has the prospect of strengthening growth and renewed prosperity. Substantial and concrete progress with multilateral trade liberalization is a key priority for the coming months and has the full political commitment of Ministers.
In the advanced economies, sound fundamentals and policies should deliver stronger growth in the second half of the year. With inflationary pressures well contained, monetary policies should remain accommodative, and in many countries there is room to ease monetary policy further if needed. On the fiscal side, the automatic stabilizers should be generally allowed to operate, though in many countries action is needed to address medium-term fiscal pressures, including those arising from ageing populations. The advanced economies have a shared responsibility to go further in implementing structural reforms -- to enhance prospects for a sustained broad-based world recovery that helps correct global imbalances. In the United States, policies consistent with a sound medium-term fiscal position remain important. In Europe, labor and product market reforms need to be accelerated. In Japan, further steps are needed to strengthen the banking and corporate sectors and end deflation, accompanied by a start toward strengthening the medium-term fiscal position.
Emerging market countries will need to continue to strengthen their policies for macroeconomic stability and structural reforms and therefore their resilience to adverse global developments. In countries facing external financing constraints, efforts to sustain macroeconomic stability will continue to be key to restoring confidence. For all countries, the continued implementation of reforms to strengthen banking and corporate sectors and underpin growth remains a priority. The IMF has a key role to play in supporting these efforts.
Prospects for stronger growth in low-income countries should be
supported by improved economic policies, stronger institutions,
progress in resolving regional conflicts, and increased donor
resources, including through debt relief under the HIPC Initiative.
Sustained implementation of sound policies, supported by strong
ownership and the Monterrey Consensus, will remain key to reducing poverty and meeting the Millennium Development Goals (MDGs). African countries need to continue to press ahead with the wide-ranging reforms embedded in the New Partnership for Africa's Development (NEPAD) -- in particular to improve the quality of their institutions and ensure peace and security. The Committee reiterates the importance of technical assistance, including the contribution of AFRITACs [African Regional Technical Assistance Centers] and other regional technical assistance centers. It calls on the international community to urgently mobilize additional assistance to address the serious food shortage in Africa.
The Committee notes that the present situation in Iraq poses
significant challenges, with an urgent need to restore security,
relieve human suffering and promote economic growth and poverty
reduction. We support a further UN Security Council resolution. We
further note that engagement by the international community including
the Bretton Woods institutions would be essential for sustained
economic, social, and political development in Iraq, recognizing that
the Iraqi people have the responsibility to implement the right
policies and build their own future. The IMF and the World Bank stand
ready to play their normal role in Iraq's re-development at the
appropriate time. They will also monitor closely the impact of the
conflict on all their members and stand ready to help and support
those adversely affected. It is important to address the debt issue,
and we look forward to early engagement of the Paris Club.
The Committee -- having greatly benefited from the views of Dr.
Supachai Panitchpakdi, Director-General of the World Trade
Organization -- underscores the urgency of concrete progress toward
multilateral trade liberalization under the Doha Round through the
continued commitment of the international community. This will be
critical in supporting higher economic growth and poverty reduction,
and enabling developing countries to participate more fully in the
benefits of globalization. The Committee accordingly calls on
industrial, emerging, and developing countries to play their part in
renewed efforts to address obstacles to further progress in advance of
the ministerial meeting of the World Trade Organization in Cancún next
September. Urgent progress is needed in a number of areas, including
agriculture, where better market access and lower trade distorting
subsidies are particularly important for developing countries. The
IMF, in collaboration with other international institutions, stands
ready to support members' closer regional cooperation in the context
of deeper integration into world markets.
Strengthening Crisis Prevention
The Committee reiterates the importance it attaches to strengthening
the IMF's crisis prevention capacity and welcomes the steps in many
countries to improve economic resilience and financial stability.
However, there is still room for further improvement. Going forward,
sustained implementation of a strengthened framework of bilateral,
regional, and multilateral surveillance will be essential to provide
more robust assessments of crisis vulnerabilities, debt
sustainability, currency mismatches and other balance sheet and
capital account developments, as well as further progress in
strengthening data provision to the IMF and data dissemination to the
public.
The Committee welcomes progress with the standards and codes process
and the Financial Sector Assessment Program (FSAP) and the role these
play in enhancing IMF surveillance. It calls on the IMF to continue to
move forward with these initiatives to strengthen members'
institutions, policy frameworks, and financial sectors, including
through technical assistance. It stresses the importance of further
enhancing the quality and effectiveness of standards and codes
assessments, and calls on the IMF to implement quickly agreed measures
to strengthen prioritization, technical assistance, and follow up of
FSAP and ROSC assessments. In this context, the Committee looks
forward to the further work of the Financial Stability Forum and
standard-setting bodies on strengthening the content and coverage of
standards in accounting, auditing, and corporate governance, and on
improving transparency and financial disclosure.
The Committee supports the IMF's continued efforts to make
surveillance more comprehensive and accountable, including through
strengthening the IMF's policy advice on reducing vulnerabilities;
greater attention to the spillovers from policies in countries of
systemic or regional importance; more effective use of the IMF's
cross-country experience; enhanced awareness of political economy
factors; and bringing to bear a fresh perspective in surveillance of
program countries. The Committee looks forward to the IMF's further
work on surveillance and other crisis prevention issues and a report
on progress for this year's Annual Meetings.
The Committee welcomes the increase in voluntary publication of
country staff reports, but notes that the rate of publication across
countries and regions remains uneven. It looks forward to further
progress through the forthcoming review of the IMF's transparency
policy, and stresses that the candor of the IMF's analysis and advice
should be preserved.
The Committee emphasizes support for ways to achieve the objectives of
the Contingent Credit Lines (CCL) in encouraging policies to reduce
vulnerabilities and providing a means of support for members with
strong policies in dealing with global financial developments. It
looks forward to a report on how best to promote these objectives
following the conclusion of the review of the facility.
Improving the Capacity to Resolve Financial Crises
Effective crisis resolution mechanisms, by promoting sound policies
and better functioning capital markets, contribute to crisis
prevention. The Committee welcomes the strengthened framework on
access to IMF resources. This includes: the substantive criteria for
exceptional access in capital account crises; and strengthened
procedures, such as early involvement of the Executive Board in the
process and a separate report evaluating the case for exceptional
access. Consistent implementation of the framework will provide
members and markets with clarity and predictability about IMF
decisions in crises.
The Committee welcomes the inclusion of collective action clauses
(CACs) by several countries, most recently Mexico, in international
sovereign bond issues. It also welcomes the announcement that, by June
of this year, those EU countries issuing bonds under foreign
jurisdictions will include CACs. The Committee welcomes the work of
the G-10, emerging markets, and the private sector in contributing to
the development of CACs. It looks forward to the inclusion of CACs in
international bond issues becoming standard market practice, and calls
on the IMF to promote the voluntary inclusion of CACs in the context
of its surveillance. The Committee welcomes recent initiatives to
formulate a voluntary code of conduct for debtors and their creditors,
which will improve the restructuring process, and encourages the IMF
to contribute to this work.
The Committee welcomes the work of the IMF in developing a concrete
proposal for a statutory sovereign debt restructuring mechanism (SDRM)
and expresses its appreciation for the IMF management and staff's
efforts. The extensive analysis and consultation undertaken in
developing the proposal have served to promote better understanding of
the issues to be addressed in bringing about orderly resolution of
crises. The Managing Director's report sets out the current position.
The Committee, while recognizing that it is not feasible now to move
forward to establish the SDRM, agrees that work should continue on
issues raised in its development that are of general relevance to the
orderly resolution of financial crises. These issues include
inter-creditor equity considerations, enhancing transparency and
disclosure, and aggregation issues. The IMF will report on progress at
the Committee's next meeting.
Implementing Initiatives to Support Low-Income Countries
The Committee recognizes the urgent need to address the challenge of
meeting the Millennium Development Goals, and reiterates that the IMF
continues to have an important role to play in assisting low-income
countries progress toward them. This will require enhanced efforts by
developing and developed countries working in partnership. The
Committee stresses the importance of sound macroeconomic policies and
strong public expenditure and financial management systems. The
Committee recognizes the urgent need to enhance market access and to
increase the level and effectiveness of donor resources for developing
countries. Proposals to achieve this, including facilities, are being
considered, and the Committee looks forward to progress in the coming
months. Building on countries' poverty reduction strategy papers
(PRSPs), the Committee encourages the IMF to work with low-income
countries to strengthen further the alignment of the PRGF, domestic
budgets, and the PRSP approach. This will be facilitated through more
realistic economic projections, systematic analysis of the sources of
growth, effective Bank-Fund collaboration, and flexibility in program
design, including to accommodate higher aid inflows. The Committee
encourages donors to coordinate and harmonize their assistance in line
with PRSP priorities, and to provide technical assistance to help
members build the needed capacity to design and operationalize PRSP
strategies and to improve public expenditure management. It endorses
further work on the linkages between growth and poverty reduction,
including the role of the private sector. The Committee also looks
forward to the review of the role of the IMF in low-income countries
over the medium term, and its paper on helping low-income countries to
deal with shocks.
The Committee welcomes the further progress made in implementing the
HIPC Initiative, but notes that some countries have experienced delays
in reaching the completion point, and that other eligible countries
are facing obstacles to participation in the Initiative. It looks
forward to a review of these issues at its next meeting. The Committee
reaffirms its commitment to the full financing of the Initiative. It
urges all creditors to participate fully, and encourages further
Bank-Fund efforts to help creditor and debtor countries address
HIPC-to-HIPC debt relief and creditor litigation issues. It emphasizes
the need to ensure lasting debt sustainability, which will require
both the full implementation and financing of the Initiative, and
continued sound economic policies, good governance, and prudent debt
management. In this context, the Committee welcomes the efforts by
some countries to provide additional debt relief beyond HIPC terms.
The Committee supports joint Bank-Fund work to improve its assessments
of longer-term debt sustainability for heavily indebted poor
countries, and looks forward to a progress report at the next meeting.
Other Issues
The Committee welcomes the further actions by members to combat money
laundering and the financing of terrorism, and notes with satisfaction
the progress with the 12-month pilot program of AML/CFT [anti-money
laundering/combating the financing of terrorism] assessments. It
underscores the importance of continued close cooperation between the
IMF, the World Bank, the FATF [Financial action Task Force], and
regional bodies to complete the pilot successfully, and of further
enhancing the delivery of critically needed technical assistance. The
Committee encourages all members to adopt AML/CFT laws and practices
consistent with the agreed international standards, and looks forward
to a full report at the conclusion of the pilot program.
The Committee considers it important that, as pointed out in the
Monterrey Consensus, all members should have an adequate voice and
representation in the institution. It welcomes recent administrative
steps to strengthen the capacity of the African constituencies. The
Committee notes that the Twelfth General Review of Quotas has been
concluded and that the IMF is well positioned to meet the projected
needs of its members. The Committee looks forward to receiving a
status report by the 2003 Annual Meetings on the adequacy of IMF
resources, the distribution of quotas, and measures to strengthen IMF
governance, consistent with the resolution of the Board of Governors,
in the context of the Thirteenth General Review of Quotas. The
Committee recommends completion of the ratification of the Fourth
Amendment.
The Committee welcomes the thorough follow up being given to the first
report of the Independent Evaluation Office on prolonged use of IMF
resources. It looks forward to future IEO reports as a way of
enhancing the listening and learning culture within the IMF.
The Committee expresses its appreciation of the work of Eduardo Aninat
as Deputy Managing Director.
The next meeting of the IMFC will be held in Dubai, on September 21,
2003.
INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE ATTENDANCE
April 12, 2003
Chairman, Gordon Brown
Managing Director, Horst Köhler
Members or Alternates
Hamad Al-Sayari, Governor, Saudi Arabian Monetary Agency (Alternate for Ibrahim A. Al-Assaf, Minister of Finance and National Economy, Saudi Arabia)
Edward George, Governor, Bank of England, United Kingdom (Alternate for Gordon Brown, Chancellor of the Exchequer, United Kingdom)
Felipe Pérez Martí, Minister of Planning and Development, República Bolivariana de Venezuela (Alternate for Diego L. Castellanos, Governor, Banco Central de Venezuela)
Ian Campbell, Parliamentary Secretary to the Treasurer, Australia
(Alternate for Peter Costello, Treasurer of the Commonwealth of
Australia)
Job Graca, Deputy Minister of Finance, Angola (Alternate for José
Pedro de Morais, Jr., Minister of Finance, Angola)
Hans Eichel, Minister of Finance, Germany
Geir Hilmar Haarde, Minister of Finance, Iceland
A.H.E.M. Wellink, President, De Nederlandsche Bank N.V. (Alternate for Hans Hoogervorst, Minister of Finance, The Netherlands)
Jamaludin Mohd Jarjis, Finance Minister II, Malaysia
Mohammed K. Khirbash, Minister of State for Finance and Industry,
United Arab Emirates
Aleksei Kudrin, Deputy Chairman of the Government and Minister of Finance, Russian Federation
Mohammed Laksaci, Governor, Banque d'Algérie
Roberto Lavagna, Minister of Economy, Argentina
John Manley, Minister of Finance, Canada
Francis Mer, Minister of Economy, Finance and Industry, France
Antonio Palocci, Minister of Finance, Brazil
Guy Quaden, Governor, Banque Nationale de Belgique (Alternate for Didier Reynders, Minister of Finance, Belgium)
Masajuro Shiokawa, Minister of Finance, Japan
Bimal Jalan, Governor, Reserve Bank of India (Alternate for Jaswant Singh, Minister of Finance and Company Affairs, India)
John W. Snow, Secretary of the Treasury, United States
Paul Toungui, Minister of State, Minister of Finance, Economy, Budget and Privatization, Gabon
Giulio Tremonti, Minister of Economy and Finance, Italy
Kaspar Villiger, Minister of Finance, Switzerland
Li Ruogu, Assistant Governor, People's Bank of China (Alternate for Zhou Xiaochuan, Governor, People's Bank of China)
Observers
Oscar de Rojas, Acting Head, Financing for Development Office,
Department of Economic and Social Affairs, United Nations (UN)
Willem F. Duisenberg, President, European Central Bank (ECB)
Heiner Flassbeck, Chief, Macroeconomic and Development Policies Branch, United Nations Conference on Trade and Development (UNCTAD)
Donald J. Johnston, Secretary-General, Organisation for Economic
Cooperation and Development (OECD)
Malcolm D. Knight, General Manager, Bank for International Settlements
(BIS)
Caio Koch-Weser, Interim Chairman, Financial Stability Forum (FSF)
Eddy Lee, Economic Adviser and Director, International Policy Group Department, International Labour Organization (ILO)
Trevor A. Manuel, Chairman, Joint Development Committee
Pedro Solbes, Commissioner for Economic and Monetary Affairs, European Commission
Supachai Panitchpakdi, Director-General, World Trade Organization
(WTO)
James D. Wolfensohn, President, World Bank
(end text)
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