LOC17:26
14:26 GMT
CAIRO, Nov 13 (KUNA) -- Egyptian Foreign Minister Ahmad Abul-Gheit on Saturday described results of the G-20 Summit, hosted by Seoul on November 11-12, as the "minimum outcome" that could be reached at present for restoring global economic stability.
Abul-Gheit, in a statement, said nations had pinned hopes upon the summit for "making good results for enhancing global economic recovery and accomplish tasks in the realms of structural reforms for sake of achieving sustainable and balanced development." Disputes that surfaced upon start of the summit with regard of assessing rates of currencies, means of tackling the defects in the balances of payments posed an obstacle in the face of efforts for setting specific measures to handle the situation, he added.
Diverse economic challenges, contradictory political interests, thorny international circumstances and certain political considerations all nudged the summiteers to seek some "cohabitation formula that constituted the minimum level that could be agreed upon and this was expressed in the statement of the summit," the foreign minister added.
Now and after the holding of five such summits, the global economic conditions remained fragile and the recovery process continued to be slow, said Abul-Gheit in his bleak assessment of the international economy.
Moreover, Abul-Gheit criticized the conferees for opting to seek consensus political rhetoric rather than devote ample efforts for reaching specific solutions for the issues affecting in particular the developing nations.
He indicated that the Egyptian delegation proposed plans and ideas for development in Africa, that were pondered during a meeting of the development action group, headed by South Africa, in the second day of the summit.
He also called for new and specific global financial and monetary policies and develop the relations between advanced nations and developing nations, asserted that it was high time that more nations take part in such forums, noting that the G-20 was formed in 1997 in shadow of an Asian economic crisis. (end) az.rk KUNA 131726 Nov 10NNNN