C’wealth finance ministers to meet in Washington DC

KIGALI - Finance ministers from Commonwealth countries, across Africa, Asia, the Caribbean, North America and the Pacific, will meet in Washington DC on October 8 to map out strategies to deal with the impact of the global economic crisis, the group announced last week. A Commonwealth communiqué says that while at the meeting which takes place during the annual meetings of the International Monetary Fund (IMF) and the World Bank, the ministers will also discuss the potential relationship between the Commonwealth and the G20. A senior official at the Ministry of Finance confirmed that the minister, John Rwangombwa, will attend the meeting. Meanwhile, the Commonwealth Secretary General, Kamalesh Sharma, is quoted as saying: “The G20 has been established at leaders’ level, for almost two years now, as a framework of global governance. But it can only represent a part of global public opinion.” “Five of the Commonwealth members are in the G20, but 49 are not. There is a ‘G172’ of those countries which do not sit at its table. But in a Commonwealth meeting, we are able to bring together those inside it and outside it, to express and discuss mutual concerns.” The statement also says the Ministers will, as well, discuss ways of promoting environmentally sustainable growth, as well as addressing the challenges of small and vulnerable states in managing their debt. “For many years, it has been clear that a growing number of small states have seen rising and increasingly unsustainable levels of domestic and external debt. In Washington, we will discuss the policy options to address this challenge, including innovative approaches to sustainable debt management,” the Secretary General said. Rwanda was welcomed into the 54-member organization late last year. Its admission which was supported by many was based on the country’s accomplishments in key sectors including democracy, the rule of law and the independence of the judiciary. Ends

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C’wealth finance ministers to meet in Washington DC