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Cyprus will host Commonwealth Finance Ministers Meeting
2009-09-29 14:18:01

Nicosia, Sept 29 The global financial crisis will be the focal point of the discussions among the Finance Ministers from the Commonwealth countries who will meet in the southern coastal town of Limassol, from September 30, to October 2, 2009.

The Commonwealth is a voluntary association of 53 countries with a population of two billion citizens of all faiths and ethnicities.

Fifty-two independent states and the Commonwealth Secretariat will participate this year, and it is estimated that around 40 countries will be represented by their Finance Ministers, some of whom are also Prime Ministers.

According to a press release issued by the Commonwealth Secretariat at the Commonwealth Finance Ministers Meeting (CFMM), the opening ceremony will be held on the evening of September 30, in Limassol. This will be preceded earlier in the day by separate meetings of Commonwealth Central Bank Governors, members of the Commonwealth Ministerial Debt Sustainability Forum, and Commonwealth senior finance officials.

The Ministers will review country experiences, seek to distil good practices, explore mutual support, and identify how the Commonwealth Secretariat can best assist the Commonwealth countries.

Some of the issues on the agenda of the CFMM include the economic impact of the global financial crisis and subsequent policy responses, the impact of the financial crisis on attainment of the UN Millennium Development Goals, and the implications of the crisis for changes in financial sector regulation and the reform of the International Financial Institutions.

The meeting will conclude with a joint press conference by the Minister of Finance of the Republic of Cyprus Charilaos Stavrakis, and the General Secretary of the Commonwealth Kamalesh Sharma.

Cyprus hosted the Commonwealth Finance Ministers Meeting in 1988 as well as the Commonwealth Heads of Government Meeting in 1993 in Limassol.

The Republic of Cyprus became a member of the Commonwealth in 1961, soon after attaining its independence, and has been actively participating in all Commonwealth activities that cover cooperation in various fields such as economic development, agriculture and food production, industry, law, education, health, youth, women affairs, science, public management and parliamentary affairs.

The Commonwealth has consistently supported the Republic of Cyprus in its struggle for a just and viable solution to the Cyprus issue

Heads of Government agreed on the importance of supporting the efforts of the UN Secretary-General to bring about a comprehensive settlement of the Cyprus problem in line with the relevant UN Security Council Resolutions.

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