Commonwealth Finance Ministers meeting ends

COLOMBO: Sri Lanka is not a highly indebted country and our debt profile is quite comfortable in comparison with the other member countries of the Commonwealth, Minister of Public Administration and Home Affairs Sarath Amunugama told at the concluding session of the Commonwealth Finance Ministers Meeting yesterday.

They discussed the world economic situation and a range of development and other issues including the meeting’s theme “an Agenda for Growth and Livelihood’.

Minister Amunugama who chaired the entire proceedings on behalf of President and Finance Minister Mahinda Rajapaksa said that out of 53 countries in the Commonwealth 32 are small States. They discussed in detail giving them a voice in World Bank and IMF meetings, which is scheduled to be held in Singapore, he said.

He said they have discussed a series of issues which impact member countries including the world economic situation, an agenda for Growth and Livelihood, Debt Relief Aid and Aid Architecture, Supporting Poverty Reduction Strategies and Process, Promoting Investment and the State of Small States.

The meeting also gave special emphasis to Money Laundering and Combating and Financing of Terrorism. He said that one of the major issues they discussed at the meeting was to request the World Trade Organisations to resume the Doha round of talks, which are favourable towards developing countries.

This round of talks have been suspended quite a long time due to the failure to implement some proposals favourable towards developing countries to develop trade, Dr Amunugama said.

The Minister said the meeting was also mainly focused on the development of the SME sector. He said that all 53 countries came to a consensus to forward their proposals as a team to the World Bank and IMF meetings to help developing countries move away from indebtedness and increase employment opportunities for them.

Deputy Secretary General Commonwealth Secretariat Ramsford Smith urged a time bound conclusion to a process of fundamental reform in a way that would increase the institutional credibility and legitimacy.

Smith also welcomed and encouraged rapid progress in the joint efforts of the Bank and Fund to identify opportunities for significant scaling up in assistance and reforms to help poor countries and small countries.

He also recognised the importance of good governance for development and encouraged the Bank and Fund to support moves to strengthen the various dimension of governance for developing countries.