WASHINGTON -- Group of Seven powers warned Friday of threats hanging over slower-than-expected industrialized economies, but they promised to boost growth with rigorous reforms.

"Economic growth in our countries is continuing, though at a more moderate pace than earlier this year," finance ministers and central bankers said in a one-page joint communique after a five-hour meeting here.

"We recognize that risks remain," they said, without identifying the worries or even naming individual G7 economies.

Financial market turmoil, Iraqi war fears, a slower-than-expected global recovery and the economic collapse in Argentina provided the economic backdrop to talks in the U.S. presidential guest residence of Blair House, AFP reported.

The G7 policymakers, who met behind massive security as anti-globalization activists protested outside, said they were committed to sound economic policies and structural reforms.

They planned to work together to improve corporate disclosure, enhance accountability, and strengthen the independence of auditing. "We are confident that these policies, accompanied by continued vigilance and cooperation, will strengthen growth in coming months, and thus support sustained expansion."

Meanwhile, donor countries should speed up the disbursement of aid to the afghan government, the Group of Seven, representing the richest industrial countries, said on Friday.

"We call on international donors to expedite the delivery of assistance that supports the budget of the government of Afghanistan and that achieves visible reconstruction", the G7 said in a statement released after a meeting here.

On Thursday, Afghan Finance Minister Ashraf Ghani said donor nations had pledged tens of millions of dollars to help bridge a shortfall in Afghanistan's budget and speed up reconstruction of the war-scarred country.

He said Afghanistan's priorities were to make up for an expected $166 million shortfall in its budget by march 2003 and the need to begin building projects so people can see progress.

In another AFP report, group of Seven policymakers promised Friday to shoulder their burden in filling a one billion-dollar hole in financing for debt relief to the poorest countries.

"We, each of us, will be stating our contribution in the near future and call on other creditor countries to join us," the finance ministers and central bankers said in a joint statement after a meeting here.

The policymakers of Britain, Canada, France, Germany, Italy, Japan and the United States said they were fulfilling a vow by G7 leaders at a summit in Kananaskis, Canada, in June.

Ministers here acknowledged there was a massive shortfall in financing for a joint World Bank-International Monetary Fund plan to relieve the debt burden of the world's poorest countries.

The so-called Heavily Indebted Poor Countries (HIPC) initiative needs extra money as the target countries take a pounding from declining prices for commodities -- their major export -- and a slower world economy.

"We are following through on the Kananaskis commitment to bear out our share of the shortfall of up to one billion dollars in the financing of HIPC," the G7 statement said.

The HIPC initiative, launched in 1996 by the IMF and World Bank, has provided debt relief to at least 26 countries, mainly in Africa, although more than 40 may be eligible.

The G7 also backed measures to make $30 billion available to developing countries, particularly in Africa.

"We support increased development assistance based on good policy performance and measurable results," the G7 said.

The Group of Seven economic powers said Friday it would support efforts to help crisis-stricken Argentina, but only after Buenos Aires gets clearance of an economic program from the International Monetary Fund.

The G7 said in a statement that its members were "ready to support Argentina, through the IMF, in the context of a sustainable program".

Earlier Friday, developing countries pressed for a quick resolution to IMF negotiations with Argentina to unlock financial assistance to deal with the economic collapse of the South American nation. The statement, issued after a meeting of G7 finance ministers and central bank governors, said some emerging markets were holding up in the current economic climate, and praised Brazil specifically for its "continued commitment to sound policies."

"Many emerging markets, buttressed by progress towards sound domestic policy frameworks, are managing well in the current environment," the statement said. "But some face considerable challenges. We urge all countries to implement strong policies to restore sustained growth and reduce external vulnerabilities."

The G7 statement offered little hope to Argentina other than working out an agreement with the IMF on establishing a new economic program. Negotiations between Argentina and the International Monetary Fund have dragged on throughout this year without a deal.

The IMF says the argentine government has yet to come up with an economic plan it can back with money, stressing the need to unravel a freeze on bank deposits, and to win provincial government backing for restrained spending.

The world body warned Argentina this week that it could lose even humanitarian aid should Buenos Aires fail to keep up with payments to multilateral lenders.

Argentina, where the economy has collapsed after more than four years of recession, faces about $329 million in loan repayments to the IMF, World Bbank and Inter-American Development Bank this month.