ST ANDREWS, Scotland, Nov 7 (Reuters) - Following is the text of an appendix to the communique issued by finance ministers and central bank governors at their meeting in St. Andrews, Scotland.
For the text of the communique, click [ID:nFCC000060].
A FRAMEWORK FOR STRONG, SUSTAINABLE AND BALANCED GROWTH: DEVELOPING THE 'MUTUAL ASSESSMENT PROCESS'
Shared policy objectives
1. In line with the Pittsburgh commitment, G20 Finance Ministers and Central Bank Governors at their meeting in St Andrews, reaffirmed their shared objectives of strong, sustainableand balanced growth and of raising living standards in the emerging markets and developing countries.
2. The first challenge for the G20 in using the new Framework will be the transition from crisis response to a strong, more sustainable and balanced pattern of global growth.
The G20 template for 'national and regional policy frameworks'for 2010
3. Each G20 country will set out their medium-term policy frameworks, plans and projections in the agreed template on a consistent basis with other G20 members. G20 members will indicatethe key forward-looking elements of their policy frameworks 1634624544
4. They will provide the Fund with policy frameworks and plansfor the next 3-5 years, if possible. Countries can submit data based on existing products, including for example national 538976288 not be possible for all countries to fill in every piece of information in the template. G20 members should complete the template, sharing with all other G20 countries at the same time, by the end of January 2010, if possible.
5. In addition to national submissions, the process should include submissions from the relevant European institutions in line with their areas of competence.
The role of the IMF, World Bank and other international organizations
6. In line with the Pittsburgh agreement, the IMF will assist us by providing analysis (and technical support where appropriate)of how our respective national or regional frameworks fit to 1734702184 1970563439
7. In carrying out its analysis for the mutual assessment, theFund should also receive input from and draw on the expertise of other international organisations, as appropriate, for both 538976288 labour market policies; the WTO on trade policies; and the OECD and UNCTAD, where appropriate.
The process and timetable for 2010
By end-January, if possible: G20 countries set out their national policy frameworks and plans - sending their completed templates to the IMF and sharing with other G20 members.
By mid-February: G20 countries interact with the IMF to assurequality, elaborate and clarify any information supplied in the template, where necessary, during the following 2-week perio 1681596448 544044404 1970168864
On the basis of this analysis and inputs from the World Bank and other international organisations, and consulting countries where appropriate, the Fund will produce an initial report 538976288 1852074339
April (Spring meetings): Deputies, Ministers and Governors consider initial Fund analysis, discuss any policy issues, including any risks caused by inconsistencies in the collect 1769366816 1814061669
April-June: Fund produces policy scenarios - based on Finance Ministers' decisions taken in April, the Fund will provide more concrete analysis of how medium-term global prospects might 1650794528 543584114 1935897971
World Bank prepares analysis of the implications of collectiveG20 policies for development and poverty reduction - on the basis of national frameworks and plans and the Fund's base case sc 1701732722
June: G20 mutual assessment and consideration of policy options - working on the basis of Fund analysis and inputs from the World Bank and other international organisations, the G2 807434089 1819025522 1835361652 1814064741
June to November: Refinement and updating of the mutual assessment process - with the assistance of the IMF, World Bank and other international organisations. The Fund will provide 538976288
November: Refined mutual assessment and more specific policy recommendations for consideration and agreement by Finance Ministers and Central Bank Governors at their preparatory me 1702127982