7 October 2010
Canada’s Minister of Finance, Jim Flaherty, will chair this year’s meeting of finance ministers from the 54-member Commonwealth nations, on the margins of the annual meetings of the International Monetary Fund (IMF) and the World Bank
The meeting will take place at the IMF’s HQ1 building in Washington DC on Friday, October 8, 2010.
Speaking ahead of the meeting, Minister Flaherty said, “Canada has had a leadership role throughout the global economic crisis, serving as a role model to the rest of the world. I welcome the opportunity to chair this important meeting, which will allow for a focussed dialogue among G-20 and non-G-20 Commonwealth countries on the world economy, environmental sustainability and debt relief issues.”
There will be a press conference at 5:30 pm EDT following the Commonwealth Finance Ministers Meeting in Conference Room 2, in the IMF’s HQ2 Building.
Commonwealth Secretary-General Kamalesh Sharma said that one of the issues that Ministers will discuss is the relationship between the Commonwealth and the G-20.
“The G-20 has been established at the leaders’ level for almost two years as a framework of global governance. However, it can only represent a part of the global dialogue,” said Mr. Sharma.
“Five of the Commonwealth members are in the G-20. In a Commonwealth meeting, we are able to bring together those inside and outside the G-20 to express and discuss mutual concerns.”
Ministers will also discuss ways of promoting environmentally sustainable growth, as well as addressing the challenges of small and vulnerable states in managing their debt.
“For many years, it has been clear that a growing number of small states have rising and unsustainable levels of domestic and external debt. In Washington, we will discuss the policy options to address this challenge, including innovative approaches to sustainable debt management,” said Mr. Sharma.