G-7 undecided on Indonesia's membership in new forum.
The Group of Seven (G-7) leading industrial nations is unable to unveil a membership list of a new global financial forum because it is still considering whether to admit Indonesia, an international financial source said Monday.
The G-7 nations -- Britain, Canada, France, Germany, Italy, Japan and the United States -- will determine whether Indonesia is eligible for membership in the group after closely monitoring the country's political situation, the source told Kyodo News.
At a meeting of its finance ministers and central bank governors in Washington Sept. 25, the G-7 decided to establish a "new mechanism" to discuss ways to overhaul the international financial system.
A G-7 statement issued after the meeting said the new body will comprise "systemically significant economies" without mentioning the exact composition. However, G-7 sources have said the group would bring together about 20 nations.
"The G-7 cannot announce the forum's members yet as it is watching the situation in Indonesia," the source said. "Indonesia is considered almost qualified, though."
"The forum will be launched with Indonesia as a member if a new government is inaugurated smoothly and stabilizes the nation by addressing the issue associated with East Timor in an appropriate manner," the source said.
The new international financial body is scheduled to hold its first meeting in Berlin in December. Canadian Finance Minister Paul Martin will serve as chair for its first two years.
Aside from Indonesia, the forum will be composed of economically advanced nations, including the G-7 countries, and key emerging market economies such as Brazil, China, Mexico, Russia and South Korea, G-7 sources said.
The managing director of the International Monetary Fund and the president of the World Bank will also take part in the group's activities.