The United States and its six major partners yesterday completed a draft of a statement on the world economy that says that stability of the dollar "is in the interest" of all seven countries.

The Group of Seven industrialized nations intends to release the statement as soon as Congress passes the budget-reduction package, and it is signed by President Reagan, to reassure financial markets that the seven powers once again are in close cooperation.

The Group of Seven includes the United States, West Germany, France, England, Italy, Canada and Japan.

The finance ministers and central bankers have been making plans to meet again, in the wake of the Oct. 19 stock market collapse, to renew their efforts to coordinate economic policy.

If financial markets react positively to the G-7's statement on the dollar, a source said, the nations may decide not to have an early meeting of the group.

Final action is expected in Congress in the next day or two on the two major U.S. fiscal spending bills, including a $30.2 billion deficit-reduction agreement that was brought about by efforts to calm the markets after the stock market collapse.

The deficit-reduction agreement would go part of the way toward satisfying one of the urgent demands of America's trading partners, who contend that the U.S. budget deficit is the key reason for the huge international trade imbalances that are behind the global economic crisis.

Some governments among the seven have argued that because no major power is willing to take significant steps toward reducing the American trade deficit, or the Japanese or German trade surpluses, a new G-7 meeting would be counterproductive, threatening additional exchange-rate stability.

But the question of a new G-7 meeting had not been answered as of yesterday.

The proposed statement will differ markedly from the one issued by six of the seven powers at the Louvre Palace in February 1987. (Italy, which didn't attend, later ratified the agreement at a Washington G-7 meeting.)

The Louvre accord pledged to support stability of exchange rates "at {then} current levels." That proved to be an overly ambitious undertaking.

The dollar dropped sharply from the Louvre accord levels, and has been declining steadily in recent weeks, to the dismay of the other six G-7 members, especially Japan and West Germany.

Manufacturers in those countries are hurt by a higher yen and German mark because their products become more expensive in the United States.

But Treasury Secretary James A. Baker III has said that American policy is to let the dollar slide, rather than to support it through higher interest rates.

A statement by the industrialized nations that stability of the dollar is in the interest of the United States, as well as of the other nations, would be a concession by Baker, although the statement stops short of specifying a particular level of the dollar to be defended, or the methods to be used to assure stability.

Nonetheless, according to a European source, the statement will imply that the dollar has fallen far enough and that the nations are willing to defend some level of the dollar, although the language will be vague.

The statement reportedly will follow along the lines of part of the Louvre accord by spelling out the current policy positions of the major powers. For example, it will indicate West Germany's shift from a rigid stance against fiscal and monetary expansion by detailing its more recent willingness to cut interest rates and to take certain fiscal policy actions.

"This is a statement that the Europeans and Japanese have wanted, and {with which} the United States is going along," a source said. But the United States would not commit itself publicly to taking specific actions, such as tightening monetary policy, to assure stability of the dollar.

Also, the statement is not likely to indicate a German pledge to accelerate its tax-cutting program -- one of the demands of the other industrial nations.

"But we don't know exactly what private agreements may be made that won't be published," an official said.

The rationale for the statement -- apart from the nations' desire to assure markets that their public acrimony in October is now a thing of the past -- is a belief that the dollar has probably gone down almost as far as it is likely to go.

Some academics, including former Economic Council chairman Martin Feldstein, have been calling for the dollar, which is now at around 127 yen, to fall to 100 yen.

But the prevailing view is that there is not much more room on the downside