Finance ministers call for honouring of pledges to support poor countries

Finance ministers from Commonwealth countries have called on the international community to honour its commitment to support developing countries in order to enable them build greater resilience in the face of the ongoing economic downturn.

The ministers attending their annual meeting in Cyprus also observed that there is need for inclusive global governance especially in discussions about regulation of international financial institutions by the G20.

Addressing the press at the end of the meeting on 2 October 2009, Commonwealth Deputy Secretary-General Ransford Smith said that the ministers said the Commonwealth and its individual members have a key role to play in ensuring that the views of all are heard and listened to in global debates.

“The Commonwealth cannot solve the crisis, but it can play a role in making proposals and suggestions,” Mr Smith said.

Cyprus Finance Minister Charilaos Stavrakis, speaking at the same press conference, stated that the ministers welcomed measures undertaken to maintain global demand, and stabilise capital markets, especially by member countries in the G20.

“We emphasised the importance of the interests of all countries being recognised within the global multilateral processes,” Mr Stavrakis said.

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