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Stabilising economy, markets is G7's 'highest priority': draft

Stabilising the world economy and markets is the "highest priority" of the Group of Seven wealthy nations, according to a draft declaration of G7 finance ministers obtained by AFP.

business Updated: Feb 15, 2009 05:03 IST

Stabilising the world economy and markets is the "highest priority" of the Group of Seven wealthy nations, according to a draft declaration of G7 finance ministers obtained by AFP on Saturday.

"The stabilisation of the global economy and financial markets remains our highest priority," said the draft.

The statement vows that the club of rich nations will do everything possible to restore "full confidence in the global financial system."

The G7 nations are committed to joint action "using the full range of policy tools to support growth and employment and strengthen the financial sector," the draft said.

The text also addresses steps needed to return credit markets to normal, including boosting the liquidity and capital of financial institutions as well as seeking the "orderly resolution" of the problem of bad debt.

Delegates from the G7 grouping of Britain, Canada, France, Germany, Italy, Japan and the United States plus Russia were met in Rome on Friday and Saturday to hammer out an action plan to confront deepening recession.