CANNES, France (MNI) – The following is the G20 Communique issued
Friday:

Addressing the challenges of development

25. Recognizing that economic shocks affect disproportionately the
most vulnerable, we commit to ensure a more inclusive and resilient
growth.

26. The humanitarian crisis in the Horn of Africa underscores the
urgent need to strengthen emergency and long-term responses to food
insecurity. We support the concrete initiatives mentioned in the Cannes
final Declaration, with a view to foster investments in agriculture and
mitigate the impact of price volatility, in particular in low income
countries and to the benefit of smallholders. We welcome the initiative
of the Economic Community of Western African States (ECOWAS) to set up a
targeted regional emergency humanitarian food reserve system, as a pilot
project, and the “ASEAN+3″ emergency rice reserve initiative.

27. Recognizing that the lack of Infrastructure dramatically
hampers the growth potential in many developing countries, particularly
in Africa, we support recommendations of the High Level Panel and the
MDBs and highlight eleven exemplary infrastructure projects and call on
the MDBs, working with countries involved, to pursue the implementation
of such projects that meet the HLP criteria.

28. In order to meet the Millennium Development Goals, we stress
the pivotal role of ODA. Aid commitments made by developed countries
should be met. Emerging countries will engage or continue to extend
their level of support to other developing countries. We also agree
that, over time, new sources of funding need to be found to address
development needs and climate change. We discussed a set of options for
innovative financing highlighted by Mr Bill Gates. Some of us have
implemented or are prepared to explore some of these options. We
acknowledge the initiatives in some of our countries to tax the
financial sector for various purposes, including a financial transaction
tax, inter alia to support development.

Intensifying our Fight against Corruption

29. We have made significant progress in implementing the Action
Plan on combating corruption, promoting market integrity and supporting
a clean business environment. We underline the need for swift
implementation of a strong international legislative framework, the
adoption of national measures to prevent and combat corruption and
foreign bribery, the strengthening of international cooperation in
fighting corruption and the development of joint initiatives between the
public and the private sector.

Reforming global governance for the 21st century

30. We welcome the report of UK Prime Minister David Cameron on
global governance. We agree that the G20 should remain an informal
group. We decide to formalise the Troika. We will pursue consistent and
effective engagement with non-members, including the UN and we welcome
their contributions to our work.

31. We reaffirm that the G20’s founding spirit of bringing together
the major economies on an equal footing to catalyze action is
fundamental and therefore agree to put our collective political will
behind our economic and financial agenda, and the reform and more
effective working of relevant international institutions. We support
reforms to be implemented within the FAO and the FSB We have committed
to strengthen our multilateral trade framework. We call on international
organisations, especially the UN, WTO, the ILO, the WB, the IMF and the
OECD, to enhance their dialogue and cooperation, including on the social
impact of economic policies, and to intensify their coordination.

On December 1st. 2011, Mexico will start chairing the G20. We will
convene in Los Cabos, Baja California, in June 2012, under the
Chairmanship of Mexico. Russia will chair the G20 in 2013, Australia in
2014 and Turkey in 2015. We have also agreed, as part of our reforms to
the G20, that after 2015, annual presidencies of the G20 will be chosen
from rotating regional groups, starting with the Asian grouping
comprising of China, Indonesia, Japan and Korea.

32. We thank France for its G20 Presidency and for hosting the
successful Cannes Summ

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