Commonwealth Finance Ministers Meeting (Hansard, 18 June 2002)

§ Mr. Boateng

The UK will host the 2002 Commonwealth Finance Ministers Meeting (CFMM) from 24–26 September. This is an annual event whose timing is intended to provide Finance Ministers with an opportunity to prepare for the annual meetings of the IMF and World bank.

The overall theme of the 2002 CFMM is "Stability; Growth; Poverty Reduction". Within this theme, Finance Ministers will discuss the world economy, IMF/World bank issues and Commonwealth issues.

They will also discuss the special theme which this year will be "Delivering the Monterrey Consensus". The International Conference on Financing for Development took place in Monterrey, Mexico, in March 2002. The resulting 'Monterrey Consensus' achieved a significant breakthrough by recognising the mutual responsibilities of both donors and developing countries to advance the development process. But to impact on the lives of the poor, these commitments require effective follow-up. The aim of the special theme session is therefore to develop an action plan for Commonwealth Finance Ministers to take forward the Monterrey Conclusions.

Prior to the ministerial meetings, senior officials only will discuss a technical th me. This year, the technical theme will be "Managing Resources for Development" and include such issues as budgetary systems and public expenditure management.

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At the Chancellor's request, the 2002 CFMM will be the first to engage civil society, whose views will be sought on the special theme. The Commonwealth Foundation is facilitating this process. After an initial introductory meeting in Monterrey, a number of regional civil society consultations are planned. The first has already taken place in Ghana. Further consultations are scheduled for Jamaica, Fiji, Bangladesh and the UK. The outputs of these consultations will then be combined into a single paper at a larger civil society event in London in July. This paper will be presented to Finance Ministers at CFMM.

The UK is hosting the 2002 CFMM to mark the Queen's Golden Jubilee year. In recognition of this, Her Majesty will open the meetings on 24 September.

In addition, there will be a number of events taking place in the margins of the ministerial sessions: An exhibition of UK/Commonwealth links in 2002 will run over the three days of CFMM. Exhibits are planned to cover the Commonwealth games, the Spirit of Friendship Festival and the Golden Jubilee celebrations; an evening event to showcase the diversity of the Commonwealth; a business forum immediately prior to the CFMM (23–24 September). This is being organised by the Commonwealth Business Council and will include a pre-conference dinner at the Guildhall.

To help ensure that Commonwealth citizens have access to information about the CFMM and that preparations for the meeting are as transparent as possible, a CFMM website has been established (www.cfmm2002.org). The site has been designed to give people across the Commonwealth quick access to information about both the policy aims and logistics of CFMM.

The website design takes into account potential technological limitations that may affect many developing Commonwealth countries. It is simple, easy to navigate and has a fast download speed.