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SINGAPORE: APEC finance ministers will reject any premature moves towards fiscal tightening and advocate a steady retreat from stimulus measures, according to a draft communique obtained by AFP on Tuesday.
The draft said that APEC finance ministers had agreed that the solution is not to rush to fiscal tightening while credit markets are still recovering.
Instead, it said that careful planning and timing the withdrawal of extraordinary stimulus measures will help to avoid a double-dip recession.
Leaders of the 21-member Asia-Pacific Economic Cooperation (APEC) forum, including the United States and China, will meet in Singapore this weekend to discuss global economic recovery, environmental issues and free trade.
The draft finance ministers' statement is currently being refined by senior officials, ahead of the ministerial meeting on Thursday.
It said that while APEC economies have transited from a crisis to a more stable phase, they remain vigilant as economic recovery is still tentative and likely to be slow, going forward.
- CNA/ir
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