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Commonwealth Secretariat press release

Commonwealth Secretary-General: fast action needed to reduce poverty

19 November 2001

Commonwealth Secretary-General Don McKinnon today called for all donors to fulfil existing commitments to fight debt and to reduce poverty around the world. "Overseas development aid (ODA) stands at $50 billion per year, a figure which is less than a third of OECD agricultural subsidies. If you want to achieve real progress in the fight against poverty, the trends need to be reversed," said Mr McKinnon. He also called for the earliest possible replenishment of the World Bank's soft loans facility, IDA - 13, to enable it to help meet the extraordinary development challenges facing low income countries: "Unless the help comes fast, it's not much help".

The Secretary-General expressed satisfaction at the international effort to stabilise the world economy, as shown this weekend in Ottawa by the G-20 and committees of the World Bank and International Monetary Fund. He repeated his previous appeals to the IMF and World Bank to take into account the urgent needs of low-income countries after 11 September, particularly heavily indebted poor countries (HIPCs), through additional concessional financing and debt relief. "Many poor and vulnerable economies require immediate assistance in the form of fast disbursing funds for budgetary and balance of payments support. This is necessary to maintain their development strategies and prevent increased poverty.

"The international community has recognized the need for a determined response to address the repercussions on the world economy of the September 11 terrorist attacks," said Mr McKinnon. "The commitments offered must be translated into swift action to assist poor and vulnerable economies."

Small, open economies are especially vulnerable to external shocks and he called on the international financial institutions to intensify their efforts to help them. "Their eligibility for support should be interpreted flexibly in recognition of the severe damage many of them have already experienced." All support for the UN International Conference on Financing for Development next March is welcome: "Governments can help by ensuring their various ministries work coherently on issues that impact on development."



01/76 19 November 2001
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