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Commonwealth Secretariat press release

Immediate action must follow Monterrey Conference, urges Commonwealth Secretary-General

22 March 2002

"Unless Monterrey delivers a better deal for developing countries, we will not be financing development. We will just be financing more conferences!" Commonwealth Secretary-General Don McKinnon warned today.

Addressing the UN Conference on Financing for Development in Monterrey, Mexico,
Mr McKinnon said the opportunities opened up by the meeting will be wasted if swift action does not immediately follow. "There have been many conferences such as this one in recent years. Yet for developing countries, little has changed. In fact, the gap between rich and poor nations has been widening over the last decades.

"If we want Monterrey to be different, there must be a genuine political will to achieve a fairer global economic order and to ensure that significant amounts of private investment start flowing in the direction of developing economies." The Secretary-General pointed to the US$200 million Africa Investment Fund recently launched by Commonwealth Heads of Government at their meeting in Australia.

He also drew attention to the needs of small states, saying efforts should be increased to strengthen their representation at the World Trade Organisation. The Commonwealth has been very active in seeking to ensure that its smallest members do not lose out in international trade negotiations.

At a 'Corporate Governance and Anti-Corruption' round table, the Secretary-General outlined the Commonwealth's work in the field since 1995, when it became one of the first international organisations to make these issues a priority for international development.
"Corruption represents an implicit tax on investment. We must drive home the point that good corporate governance makes good business sense...and ensure that companies which have improved on corporate governance do see their efforts rewarded."

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