His Majesty King Abdullah II
Remarks by His Majesty
King Abdullah II
at the Opening of the
G11/Lower-Middle Income Countries Summit
September 20, 2006
Bismillah ar-Rahman ar-Rahim;
In the Name of God, the Compassionate, the Merciful
Good afternoon. Welcome, and thank you all for your participation in this
historic gathering, the first Lower-Middle Income Countries Summit.
Today we launch a partnership that can deliver tremendous benefits for the
people we serve - and make a positive impact for all nations.
More than a quarter of the world's people live in the countries that compose the
lower-middle income group. We occupy a key position in the global economy. We
have led the developing world in driving the reforms needed to create economic
growth and opportunity. Our group is poised to move ahead and stabilize at
higher income levels. And that success will have vital benefits, not only for
our own citizens, but for our regions and the global economy as a whole.
Now we need to take the next step - to move across the income threshold. And for
this, we need international support: targeted, results-oriented assistance that
can help accelerate economic growth, deliver the benefits of reform, and lock in
development gains.
Recent economic markers for our group as a whole show the potential of our
countries. GDP growth has been robust. Participation in global trade is rising.
Net FDI inflows are up. Poverty is being reduced. For many countries, debt
service as a percentage of exports has dropped, helping to reduce debt burdens.
And more of our people have access to the technologies and skills that are the
gateway to prosperity.
There is broad consensus among our countries about aggressive structural reform
as a driver of growth and development. And we have all taken steps to build
accountability and transparency, reinforce the rule of law, and give people,
especially young people, a stake in a prospering, peaceful future.
Yet, serious challenges remain. Poverty and unemployment … external shocks, such
as energy prices, or regional instability … debt burdens that drain national
budgets of funds needed for infrastructure and development. Without continued
oversight and effort - and continued international assistance - these challenges
can reverse our positive trends to financial stability and growth. To avoid such
reversals, we need to leverage our strengths: by working together … and by
speaking with one voice on international concerns, especially fair trade,
increased direct assistance, and indeed debt relief.
Today, developed nations and international institutions clearly recognize their
responsibility to address global poverty and economic imbalances. There has been
a very strong focus on helping extremely poor countries, especially in Africa.
We applaud that commitment. But we need to make it clear that assistance is also
vital for lower-middle income countries - countries that are in a position to
create sustained advances through economic management and reform.
Our group can and should work together to prepare a common platform in key areas
of concern. These could include, for example, initiatives to:
make foreign aid responsive to local needs in order to make the most of scarce resources;
lobby for shifting from loans to grants to keep countries from re-accumulating debt;
lobby wealthy countries to open their markets to developing country production, especially in the agricultural sector;
seek out partnerships with developed countries, to spur private-sector-led growth and foreign investment flow;
develop educational curricula to match labor market requirements;
and channel savings from debt relief into strengthening education and public health sectors.
This Summit is uniquely designed to
form the nucleus of such an effort. Last September, with your input and
participation, we began forging our partnership. There were successful follow-up
meetings in Jordan, both in November 2005 and July 2006. And today's meeting,
I'm happy to say, brings together the highest levels of leadership. There has
never been a better opportunity to identify common interests and outlooks, and
present a shared vision for the future.
Together, I hope, we will have a rewarding discussion - and make progress toward
a unified approach to the international community, particularly the G8.
My friends, let me thank you for your participation and commitment.