Finance ministers to share and learn from experience of dealing with economic crisis

Finance ministers from Commonwealth countries will meet in Limassol, Cyprus, between 30 September and 2 October 2009 to share and learn from their experiences in responding to the global economic crisis.

At the Commonwealth Finance Ministers Meeting (CFMM), ministers will review country experiences, seek to distil good practices, explore mutual support, and identify how the Commonwealth Secretariat can best assist.

The meeting to be held at the Grand Resort Hotel, Limassol will run from 1 to 2 October.

The opening ceremony, to which media are invited, will also be held on the evening of 30 September at the Grand Resort, Limassol at 6.30 p.m.

This will be preceded earlier in the day on 30 September by separate meetings of Commonwealth central bank governors, members of the Commonwealth Ministerial Debt Sustainability Forum, and Commonwealth senior finance officials.

The 2009 CFMM will take place immediately prior to the Annual Meetings of the World Bank Group and the International Monetary Fund - being held this year in Istanbul, Turkey.

“The economic crisis is contributing to the shaping of the work of the Commonwealth Secretariat and this meeting will be critical in identifying further areas of technical assistance and advocacy through which the Secretariat can support members in coping with the implications of the crisis,” said Ransford Smith, Deputy Secretary-General of the Commonwealth.

Mr Smith added that the meeting is an opportunity for the Commonwealth’s membership – drawn from all parts of the global community – to learn from each other in difficult and unprecedented economic circumstances.

Reflecting their different levels of development and diversity of experience, different countries and groups of countries have been differently affected by the crisis. After first striking the advanced members and then emerging markets, a third wave of the global financial and economic crisis is now affecting the world’s poorest and most vulnerable countries - among which there are many Commonwealth member states - and is threatening to undermine economic gains they had made in previous years.

To meet the challenge of the current economic crisis, especially for the poorest, global partnerships and co-operation are more important than ever.

This focus by ministers builds on the traditional strength of Commonwealth Finance Ministers Meetings, which provide an opportunity for consultation, consensus-building and policy development at a high political level.

Media Advisory and note to editors

Details of the programme of the meeting are available on the conference website: http://www.cfmm2009.gov.cy/.

For media enquiries and to arrange interviews ahead of the meeting, and accreditation, please contact:

In London: Julius Mucunguzi, Press Officer, on j.mucunguzi@commonwealth.int, telephone: +44 7894593517.

In Cyprus: George Papakyriacou, Public Information Office, on gpapakyriacou@pio.moi.gov.cy, telephone: +357 22801135.

Covering the meeting: Journalists wishing to cover the meeting should complete the accreditation form and return it to the above named contacts by 15 September 2009.

Accreditation: Media representatives wishing to cover the Commonwealth Finance Ministers Meeting must be accredited in order to have access to the meeting venue and facilities. Applications for accreditation must be made on the form, or copies made from it. Two passport sized photographs must be included with the application.

Applications must be accompanied by a hardcopy letter on an original company letterhead indicating your role, signed by an Economics Editor, News Editor or equivalent senior editor, and confirming the applicant has been assigned to cover CFMM 2009.

Representatives of media organisations based in Cyprus are advised to submit their applications to the Cyprus contact.

Accommodation: Media representatives are responsible for their own accommodation; that is, each person must make his/her own reservation, and is responsible for all charges pertaining to accommodation.

Medical arrangements: Media personnel should make appropriate arrangements for insurance to cover emergency medical, surgical and hospital expenses.

Download the media accreditation form:

Media Accreditation - Finance Ministers Meeting 2009

Secretariat Links:

• Economic Development
• Country Profile: Cyprus