Statement by Press Secretary Fitzwater on Western Economic Support for Reform in Poland and Hungary

The 24-nation group to support economic and political reform in Poland and Hungary, created at the Paris economic summit in response to an initiative by President Bush, had its third meeting in Brussels on November 24. Based on informal tallies, the 24 donor nations -- which include the United States, Japan, Canada, the European Economic Community, and several other industrialized democracies -- have already pledged upwards of $8 billion in financial commitments to support economic reform and restructuring in Poland and Hungary.

Roughly three-quarters of the $8 billion already pledged is for Poland. These commitments include grants, loans, technical assistance, debt forgiveness, export credits, and other forms of assistance. These amounts are expected to increase further once Poland and the IMF [International Monetary Fund] reach agreement on a restructuring plan, which is expected in the next few weeks.

The Group of 24 also agreed to meet again at the ministerial level in Brussels on December 13 in order to further enhance its assistance and coordination efforts.