G-7 Finance Ministers Meet in Canada

Finance ministers from theG-7 countries began a two-day meeting in Halifax, Canada Friday to discuss issues such as global economy, debt relief for impoverished nations and Argentina's economic crisis.

The meeting started with a working dinner, followed by a more formal session on Saturday.

The G-7 includes Canada, the United States, Britain, Germany, France, Italy and Japan. Representatives from the World Bank, the International Monetary Fund, the European Union and Russia are also attending the meeting.

Sources close to the meeting said the ministers are expected to back a US proposal to give aid to poor countries in the form of grants instead of loans. The deal means that 18 percent to 20 percent of the World Bank aid will now come in the form of grants rather than loans, with countries whose average per capita income is below a dollar a day receiving almost all their aid as a grant.

Also on agenda of the meeting is the New Partnership for Africa's development, the multi-billion dollars investment plan created by African leaders.

Canadian Finance Minister John Manley told reporters that the aid for Africa will also top the agenda of the G-8 summit to be held later this month in Kananaskis in Canada's western province of Alberta.

He said measures against terrorism in the financial sector will be discussed at the meeting. Besides, the continuing crisis in Argentina and the prospects for economic recovery in the United States, Europe and Japan will also come under scrutiny.

The ministers are also expected to revive their differences over the risks associated with the US current account deficit, and hail stronger signs of global economic growth. A report on improving potential global growth rates is expected to be released at the end of the meeting.

Several hundreds of people gathered Friday afternoon around the World Trade and Convention Center, the venue of the meeting, to protest against globalization and capitalism.

Hundreds of police are deployed at downtown Halifax to prevent possible violence during the two-day meeting. Police have put fence around the World Trade Convention Center.

According to police, the sky over Halifax has been shut down and the harbor is being patrolled for any suspicious activity. Meanwhile, Cameras are also positioned throughout the downtown area and an aircraft will use a video camera to record activities around the site.

(Xinhua News Agency June 15, 2002)