Many emerging markets and developing economies are also now showing clear signs of recovery, building on improved economic policies, conclude the G-7 Finance Ministers and central bank Governors, who met on the weekend.

The prospects for the global economy are more positive than they were a few months ago say the G-7 Finance Ministers and central bank Governors. But “the situation in Argentina is of serious concern. Reforms of the fiscal framework encompassing the provinces, establishing a monetary anchor, and improving the bankruptcy and economic subversion laws will all help to restore investment and growth, thereby raising the living standards of the Argentine people. We thus support the IMF and the work it is doing with Argentina,” the group stated in a joint statement released by the federal Finance Department today.

They announced an Action Plan to improve stability, growth, and potential living standards in emerging markets. And they affirmed a strong commitment to advancing development and combating poverty in the poorest nations including by linking greater contributions by developed nations to the adoption of good economic policies by developing countries.

The ministers announced joint effort to identify terrorists as well as freezing assets in G-7 countries which fund these activites. “We urge the IMF and World Bank to begin conducting their financial sector assessments, incorporating reports on compliance with anti-money laundering and terrorism financing standards based on FATF recommendations. We are working to ensure that legitimate institutions, organizations, and networks are not misused by terrorists and their supporters.”