We aim to help Commonwealth developing countries overcome their various financing and development challenges by ensuring their effective representation, voice, recognition and participation in existing international platforms responsible for the setting of global financing and development policy and standards.
The Commonwealth delivers a number of key international forums including the Commonwealth Finance Ministers Meetings (CFMM), Central Bank Governors Meeting (CCBG), Annual Commonwealth and Francophonie Dialogue with the G20 and the biannual Commonwealth Heads of Government Meeting (CHOGM).
We promote an international financing framework that is fair, adequate and that serves the interests of each and every country in the membership. With 23 high-indebted countries in the Commonwealth, our work is devoted to ensuring an equal voice of developing countries on the sustainability of debt, the need for debt relief, and access to financing. As an architect of the Multilateral Debt Swap for Climate Action initiative, the Commonwealth is also working with the international community to implement an innovative solution to address the dual challenge of inadequate climate finance and high debt burdens.
External resources currently flowing to the developing world fall significantly short of what is needed. The Commonwealth seeks to address this challenge by mobilising new sources of finance for development, in addition to promoting innovative mechanisms for delivering traditional external finance more effectively. We also explore how additional development finance can be leveraged to facilitate the achievement of the internationally agreed Sustainable Development Goals (SDGs). Our work is focused on the needs of our largest member groups - Low Income Countries and Small Island States – who face the biggest obstacles to achieving the SDGs.
Growing pressure from national and international regulators to comply with rules on anti-money laundering and countering the financing of terrorism (AML/CFT) regulations has led to increased ‘de-risking’ across the Commonwealth. This phenomenon has developed dramatically in recent years, leaving many banks, businesses and individuals in the developing world without access to essential financial services. The Commonwealth has been working with a wide range of stakeholders to examine and mitigate the unintended consequences of these regulations on remittance flows, correspondent banking relationships and financial inclusion. To learn more about de-risking and the impact of AML/CFT regulations in Commonwealth developing countries, explore our full report - Disconnecting from Global Finance
The last few years have seen significant and positive developments in global efforts to fix an out-of-date international taxation framework, one based on greater levels of transparency, reduced opportunities for aggressive tax planning and which supports the needs of developing countries to mobilise the resources they need to fund development. Yet more needs to be done. The Commonwealth is working with members and development partners to ensure that the international taxation system supports development. Our work aims to ensure that jurisdictions are aware of the implications of recent developments, and that they are given a voice - to ensure that any international action results in a level playing field, where all jurisdictions, big or small, are held to the same standard.