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Commonwealth Secretariat press release

Commonwealth Finance Ministers meet in London

19 September 2002

Finance Ministers of Commonwealth member countries will meet at the Commonwealth Institute, London, from 24 to 26 September 2002. Commenting on the meeting, Commonwealth Secretary-General Don McKinnon said: "Finding practical ways to deal with problems faced by the world's poorest people - more than half of whom live in the Commonwealth - is vital and Finance Ministers will attempt to do just that."

The meeting will be opened by HM Queen Elizabeth II, Head of the Commonwealth. The United Kingdom's Chancellor of the Exchequer, Gordon Brown, will chair the meeting which will bring together Ministers and delegates from 52 member countries. World Bank President James Wolfensohn will participate in the first session on Wednesday, 25 September.

Ministers will discuss progress made by Heavily Indebted Poor Countries (HIPCs) in debt reduction, and hear proposals to improve the current initiative to ensure that these countries achieve a sustainable exit from their debt problems.

A special theme of the meeting, which is being hosted by the UK Government, will be 'Delivering the Monterrey Consensus'. The meeting will seek to agree on practical ways of advancing what was decided at the UN Summit on Financing for Development in Monterrey, Mexico - on promoting sustainable economic development and the achievement of the Millennium Development Goals. Finance Ministers will also consider a Commonwealth Action Plan on how best to achieve this. Nobel Economic Laureate Professor Amartya Sen will present the keynote paper on the special theme. The meeting will also hear the outcomes of civil society consultations in the Commonwealth.

Other topics to be discussed at the meeting include uncertainties in the current world economic situation, new ways of attracting private investment and special development challenges of small states. A discussion on activities undertaken by the Commonwealth Fund for Technical Co-operation - the technical assistance arm of the Commonwealth Secretariat - and a review of progress on the Gender Responsive Budget Initiative are also on the agenda.


Note to editors
This annual ministerial meeting is held just before the annual meetings of the International Monetary Fund and the World Bank.
The opening ceremony of the Commonwealth Finance Ministers Meeting will be held at 6pm, on Tuesday 24 September 2002 at the Commonwealth Institute, Kensington High Street, London, W8 6NQ, United Kingdom.
A press conference will be held at the conclusion of the meeting, at around 12 noon on Thursday 26 September.
Accreditation passes for journalists will be issued at the venue between 2pm-5pm on 24 September. For further inquiries contact Minelle Fernandez, Communications and Public Affairs Division, on +44 (0)20 7747 6383/ 6385.
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ISSUED BY THE COMMUNICATIONS AND PUBLIC AFFAIRS DIVISION
Commonwealth Secretariat Marlborough House Pall Mall London SW1Y 5HX United Kingdom
Tel: +44 (0)20 7747 6385/6 Fax: +44 (0)20 7839 9081
Email: info@commonwealth.int