Commonwealth finance ministers meet in St Lucia

Commonwealth finance ministers started their annual meeting in the Caribbean island of St Lucia on 6 October 2008 with a call to draw on their diverse experiences and perspectives to address current global economic problems.

Speaking at the opening ceremony in the country’s capital, Castries, Commonwealth Secretary-General Kamalesh Sharma said that within the association's membership, you can find an example of just about every economic phenomenon:

"So as we meet here, the key question is: with all the diversity of experiences and perspective, what have Commonwealth finance ministers to offer to each other and to the world?"

The Secretary-General drew attention to the track record of Commonwealth finance ministers which boasts a number of key initiatives that eventually received international attention.

He cited the bilateral and multilateral debt relief initiatives “which initially seemed like heresy, but later became orthodoxy."

Mr Sharma added: "The Commonwealth breaks down silos of different regions and income levels, and allows policy analysis and understanding to spread globally.”

The opening ceremony was also addressed by the Prime Minister of St Lucia, Stephenson King, who said his country supports the Commonwealth initiative on reform of international institutions such as the World Bank and International Monetary Fund to make them more relevant.

Mr King, who also holds the Minister of Finance portfolio, said he looks forward to the discussion on the reform process and to the specific contributions finance ministers will contribute to the debate. The 2008 Commonwealth Finance Ministers Meeting runs from 6 to 8 October.

Click here to read the full speech of the Commonwealth Secretary-General.

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