Commonwealth Finance Ministers will meet on 8 October to explore ways of financing the Post-2015 development agenda at a time when many countries are struggling to meet targets for combating poverty and improving the livelihoods of millions of their citizens.
Commonwealth Finance Ministers will meet on 8 October to explore ways of financing the Post-2015 development agenda at a time when many countries are struggling to meet targets for combating poverty and improving the livelihoods of millions of their citizens.
The meeting will take place in Washington DC in the margins of the 2014 International Monetary Fund and World Bank annual meetings. Ministers will consider the findings of the report of the United Nations Intergovernmental Committee of Experts on Sustainable Development Financing. The report explores options for mobilising resources to achieve sustainable development goals.
The Co-Chair of the Committee of Experts, former Nigerian Finance Minister, Dr Mansur Muhtar, will brief Ministers on the committee’s ideas for funding social and economic development. Ministers will discuss key areas which require further work and the political impetus needed for an ambitious outcome at the third UN Financing for Development Conference which will be convened in Addis Ababa in July 2015.
Another major item on the agenda will be a discussion of proposals for reform designed to improve ways of mobilising, measuring, and monitoring the effectiveness of Official Development Assistance. The proposals were developed by countries belonging to the Organisation of Economic Cooperation and Development. During the meetings in Washington DC, the Commonwealth will launch its new publication, Innovative Finance for Development, which is a toolkit with guidelines and principles for consideration in the reform process.
Commonwealth Secretary-General Kamalesh Sharma described the meeting as an outstanding opportunity for taking stock of international approaches to development and development finance.
He said: “These meetings convene at a time of intense global discussion on the content and direction of the post-2015 development agenda, and of the framework for financing that will underpin it. We look forward to reaching a distinctive Commonwealth perspective on how these initiatives can be implemented, and in particular of how the concerns of the smallest, poorest, and most vulnerable countries can be brought to the table.”
Mr Sharma remarked that the Commonwealth collectively has a special role to play by drawing together contributions from its diverse yet closely interconnected membership, enabling it to serve as a microcosm of the global community and provide valuable insights into development experience from a range of perspectives.
There will also be discussion on how the established relationship between the Commonwealth and the G20 can be strengthened further, and how to deepen their productive partnership in helping to formulate international development policy.
The Ministerial meeting will be preceded on 7 October by meetings of senior officials from the finance ministries of Commonwealth countries, and of Central Bank Governors who will focus on implementing regulations to tackle money-laundering and for counter-terrorism financing.
