G7 agree to cut debts, fight tax evasion

DRESDEN, Germany, May 29 (KUNA) -- Finance Ministers of the world's seven wealthiest countries Friday agreed on importance of cutting public debt, fighting tax evasion and encouraging sustainable development in industrial countries.
Finance ministers of the US, Canada, Britain, Germany, France, Italy and Japan agreed on need of cutting debts off burden of budgets of industrial countries in a bid to push forward sustainable development, German Minister of Finance Wolfgang Schaeuble told a news conference at the end of the two-day meeting in this German city.
"All ministers agreed on the importance of structural reforms," he said.
They also agreed to intensify efforts to address tax evasion, solving tax disputes among countries and helping the developing countries solve their tax problems, he said.
On Greece, Schaeuble expressed pessimism over the negotiations between Athens and international creditors regarding the Greek debts.
He did not look very much optimistic when asked about listing the Chinese currency, Yuan, within the international basket of currency which consists of the US Dollar, the Japanese Yen and Strelin Pound.
President of the German central bank said the G7 sought to add the Chinese currency to the international basket of currencies, but Beijing must meet some relevant requirements.
Meanwhile, Schaeuble said the G7 would do all it could to help the Ukrainian government carry out economic reforms.
The ministers agreed to reschedule the Ukrainian debts and offer USD 40 billion in urgent aid package. (end) anj.bs