The Commonwealth works with governments, international development partners and local people to help developed and developing member countries enjoy economic growth and stability.
Many Commonwealth countries are small, vulnerable states which are disproportionately impacted by global economic shocks. They are also more prone to natural disasters which can set back their development.
Small states often recover slowly from setbacks, especially if they have a lot of debt. Many small states’ economies are driven by a small number of industries and they do not have a lot of ways to diversify.
Traditional sources of money for these countries include taxes, and development aid from other countries. But although these are critically important, they are not enough to meet the challenges these countries face.
The Commonwealth helps its member governments to fairly and sustainably manage their resources including people, natural resources and money. We help them build resilience to economic and environmental crises, and to improve prosperity for all citizens.
The Commonwealth supports vulnerable small states through a range of initiatives. We advocate on their behalf to help them access funding to meet their development goals. We help them identify where they are most vulnerable, and come up with options to address their problems.
The Commonwealth helps member countries improve their export competitiveness, diversify their exports and secure better trade deals.
The Commonwealth helps member countries manage their national debts by offering expert advice and training, and by developing debt management software packages.
The Commonwealth Connectivity Agenda is a flagship project which aims to increase trade between Commonwealth countries.
The Commonwealth helps countries manage their natural resources like oil, gas and other minerals in ways which benefit their economies while still protecting the environment.
We bring countries together to discuss and better understand new global trade issues. This helps Commonwealth countries be more prepared for bilateral, regional and multilateral trade negotiations.
To steer the Commonweath’s work, the Commonwealth brings member countries together every year in 2 major meetings:
These meetings are opportunities for Commonwealth ministers to discuss common development challenges.
Past meetings have focused on a range of issues including debt sustainability, disaster risk finance, financial technology, and financial literacy.
A mere four months ago, many of us had never heard the term coronavirus, yet now the novel coronavirus and COVID-19, the disease it causes, fills our news feeds – and our thoughts— every day.
A record number of countries are set to leave the United Nations category of Least Developed Countries (LDC), but experts warn that without extra support they are at risk of sliding back into poverty.
Central bank officials will meet in Bermuda next week to agree on a framework that can help build robust fin-tech ecosystems in their countries.
Commonwealth finance ministers have recognised the potential of technology to improve debt transparency while urging closer collaboration to resolve tax challenges arising from growing digital commerce.
Several Commonwealth countries are now equipped to use the Commonwealth’s new debt management software, following a two-week hands-on programme for officials in London.
Trade ministers from across the Commonwealth today made a commitment to resist all forms of protectionism, and to work urgently together towards reforming the World Trade Organisation, which sets the global rules for international trade.