G-7 Ministers Move Ahead on Kosovo Aid Plan
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FRANKFURT, Germany — Finance ministers from the world’s seven richest nations Saturday pressed ahead with a broad aid package for the Balkans as NATO forces entered Kosovo.
The Group of 7 finance ministers were reluctant to estimate the costs of reconstructing Kosovo, a province of Yugoslavia’s dominant republic, Serbia. However, German Finance Minister Hans Eichel said it should be less than the $5 billion spent in Bosnia during the last 3 1/2 years.
“The main burden of the financing will lie with Europeans,” Eichel said.
The World Bank and European Union, which together are spearheading aid coordination, planned to send experts to Kosovo to determine how much aid is needed, said the European Union’s economics commissioner, Yves-Thibault de Silguy.
The urgent need for Balkan aid overshadowed a meeting meant to reach consensus on key issues before this weekend’s summit of leaders from the G-7 and Russia in Cologne.
U.S. Treasury Secretary Robert E. Rubin said that ministers reached agreement on debt relief and proposals to strengthen international oversight to help prevent major financial crises.
Eichel said the World Bank was prepared to sell 10 million ounces of gold--worth about $2 billion--to relieve poorer nations of unsustainable levels of debt.
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