Anguilla’s Chief Minister and Minister of Finance, Mr Hubert Hughes, and his Permanent Secretary, Dr Aidan Harrigan, were among delegates at the Commonwealth Finance Ministers meeting in Washington, DC.
The Ministers’ meeting, on Wednesday, October 8, was organised to explore ways of financing the post-2015 development agenda.
The Minsters’ meeting came at a time when many countries are struggling to meet targets for combating poverty and improving the livelihood of millions of their citizens.
The meeting was arranged to take place in the margins of the 2014 International Monetary Fund and World Bank annual meetings. Ministers were to consider the findings of the report of the United Nations Intergovernmental Committee of Experts on Sustainable Development Financing. The report explores options for mobilising resources to achieve sustainable development goals.
The co-chair of the Committee of Experts, former Nigerian Finance Minister, Dr Mansur Muhtar, was down to brief ministers on the committee’s ideas for funding social and economic development; and ministers were to discuss key areas which require further work – and the political impetus needed for an ambitious outcome at the third UN Financing for Development Conference which will be convened in Addis Ababa in July 2015.
Another major item on the agenda was a discussion of proposals for reform designed to improve ways of mobilising, measuring and monitoring the effectiveness of official development assistance. The proposals were developed by countries belonging to the Organisation of Economic Cooperation and Development. During the meetings in Washington, DC, the Commonwealth launched its new publication, Innovative Finance for Development, which is a toolkit with guidelines and principles for consideration in the reform process.
Commonwealth Secretary-General, Kamalesh Sharma, described the meeting as an outstanding opportunity for taking stock of international approaches to development and development finance.
Sharma remarked that the Commonwealth collectively has a special role to play by drawing together contributions from its diverse yet closely interconnected membership, enabling it to serve as a microcosm of the global community, and provide valuable insights into development experience from a range of perspectives.
There was also a discussion on how the established relationship between the Commonwealth and the G20 can be strengthened further, and how to deepen their productive partnership in helping to formulate international development policy.
The Ministerial Meeting was preceded on 7 October by meetings of senior officials from the finance ministries of Commonwealth countries, and of central bank governors, who will focus on implementing regulations to tackle money-laundering and for counter-terrorism financing.
