A New Partnership for Development

June 29, 1996

For the first time, a meeting took place between the leaders of the major industrialized nations and the heads of the United Nations, the International Monetary Fund, the World Bank and the World Trade Organization on June 29, 1996, at the conclusion of t This meeting served to elaborate on ways to implement the new partnership for development proposed by the Heads of State and Government in their Communiqué of June 28.

In their determination to ensure substantial flows of aid and to provide the necessary support to multilateral action in favor of development, the Heads of State and Government strongly urged the heads of the international organizations to persevere resol The new partnership starts from the principle that it is the responsibility of the developing countries themselves to determine and pursue policies to reduce poverty and foster sustainable, job-creating, equitable and environmentally-friendly development. All participants at the meeting stated their conviction of the need to focus grants and concessional financing primarily on the poorest countries, to enable them to implement these policies and thus benefit from the globalization of capital and trade flow They decided to pay particular attention to Sub-Saharan Africa. A medium-term strategy will be framed for this continent, taking as its starting point the initiative launched by the United Nations Secretary-General on March 15.

Based on solidarity and effective burden-sharing among all participants in the development process, this new partnership should contribute to sustainable development and the success of globalization for the benefit of all.

Source: Released at the Lyon G7 Summit, June 29, 1996

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