Commonwealth Secretary General throws challenge to member states' finance ministers
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Contact: Claudia Monlouis
Tuesday, October 07, 2008 – Commonwealth Secretary General His Excellency Kamalesh Sharma has challenge Commonwealth Finance Ministers to use their broad ranging and diverse experiences and perspectives, in order to find solutions to the food, fuel and finance crisis now impacting on its membership and the world.
Over 50 member states are participating in the 2008 Finance Ministers meeting underway at the Sandals Grande Saint Lucian.
“Within the diverse membership of the Commonwealth, you can find an example of just about every economic phenomenon. We have members directly experiencing the global credit crisis, and we have members who experience it as it ripples outwards. We have oil exporters gaining from recent high oil prices, and we have countries whose macroeconomic stability is threatened by those same prices. We have countries with food for markets, and we have countries with markets and no food,” the Secretary General explained.
Addressing Monday’s activity, Prime Minister Honourable Stephen King said Small Island Developing States (SIDS), although seriously more at risk by the ongoing crisis, have very little fiscal options to cushion the impact.
He recommended that Finance Ministers include the formulation of ways and means by which SIDS can manoeuvre in this climate.
“All governments must commit to improving the social circumstances of these vulnerable groups. So, let it be quite clear that this meeting of Commonwealth Finance Ministers here in Saint Lucia is not only timely, but urgent and not only important but critically so,” he said.”
Finance Ministers will on Wednesday 8th October, bring their discussions to a close with a press conference at the Sandals Grande.
The theme for the Commonwealth Finance Minister's Meeting was 'Managing the Implications of High Food and Fuel Prices'. |
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