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• CFTC Commended for Contribution to Development

CFTC Commended for Contribution to Development

29 September 2005

Commonwealth Finance Ministers met in Barbados on 18-20 September 2005. View larger photo

Commonwealth Finance Ministers have expressed their appreciation for the Commonwealth Fund for Technical Co-operation (CFTC) programme of assistance in areas of debt management, trade development and investment promotion, as well as in governance, public sector development, gender equality and human development, and in addressing anti-money laundering issues.

In their Communiqué released on 20 September 2005 in Barbados following the Commonwealth Finance Ministers Meeting, they expressed concern at the progressive decline in the real resources of the CFTC over the years and noted that this was affecting its ability to assist member countries, especially small states and least developed countries, to attain the Millennium Development Goals by supporting pro-poor policies for economic growth and sustainable development.

There was wide support for Commonwealth Secretary-General Don McKinnon's call on all member governments to increase contributions to the CFTC by 6 per cent per annum in real terms for each of the next five years.

In his address to the Finance Ministers on 19 September 2005, the Secretary-General said: "What is required over the next few years is not an incremental but a sizeable increase in contributions to the CFTC to ensure that the Fund remains viable, credible, and effective in tackling developing country needs in the Commonwealth."

Mr McKinnon said he was encouraged that some member countries have already pledged considerable increases above the targeted rise of 6 per cent each year in their contributions to CFTC.

 

CNIS - Commonwealth News and Information Service Issue 254, 28 September 2005