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Commonwealth Finance Ministers to meet in Washington DC

12 September 2011
“New ways of raising funds for development, aid effectiveness and deepening relations with G20 to dominate agenda”

The next meeting of Commonwealth Finance Ministers (CFMM) will be held in Washington DC, USA, on Wednesday 21 September 2011. The Meeting, which takes place during a period of particular global economic and financial uncertainty, will address contemporary challenges for the Commonwealth’s membership. It will be held at the IMF Headquarters and takes place during the Annual Meetings of the World Bank Group and the International Monetary Fund.

Among key areas of focus at the meeting will be continuing discussion of how relationships between the Commonwealth and the Group of 20 most industrialised countries (G20) might be strengthened, as well as discussions on accelerating development and achieving the MDGs with more effective aid. Exploring innovative ways of raising finance in an increasingly resource constrained environment will be another important topic.

Speaking ahead of the meeting, Commonwealth Secretary-General Kamalesh Sharma said that the meeting could not have come at a better time.

“With the volatility in the world markets, increasing job losses, rising food prices and rising debt problems we are witnessing across the globe, this particular meeting of finance ministers is timely to explore ways of dealing with these multiple crises,” the Secretary-General said.

Mr Sharma added that items on the agenda are central to informing policy research and analysis as well as the advocacy work of the Commonwealth Secretariat.

“Innovative finance, for example, is a major development issue. There is need to explore and develop new ways to raise additional finance to secure balanced growth and meet critical development challenges such as climate change mitigation and adaptation as well as the Millennium Development Goals,” Mr Sharma said.

Discussions on accelerating development will examine what collective efforts need to be made by donors, developing countries and other stakeholders to improve the impact and effectiveness of aid.

Notes for media

There will be a press conference at the end of the meeting on the evening of

21 September 2011. It will be open to all journalists accredited to cover the Annual Meetings of the IMF and World Bank.

Click on the link http://bcove.me/g44l1cxt to listen and watch Dr Cyrus Rustomjee, Director of Economic Affairs at the Commonwealth Secretariat expounding on the agenda of the meeting.

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