PM Douglas invited to chair Commonwealth ministerial meeting on emerging debt challenges

PM Douglas

BASSETERRE, ST. KITTS, OCTOBER 8TH 2012 (CUOPM) – Ministers of Finance from the 52-member Commonwealth of Nations are looking forward to presentations from St. Kitts and Nevis’ Prime Minister and Minister of Finance, the Rt. Hon. Dr. Denzil L. Douglas at a meeting in Tokyo, Japan this week.

Prime Minister Douglas has been invited to chair a CSVE Ministerial Meeting with the theme: “Emerging Debt Challenges of Commonwealth Small Vulnerable Economies” on Tuesday 9th October and make an intervention on “Exogenous Shocks – Dealing with the Only Certainty: Uncertainty” at the Commonwealth Finance Ministers Meeting on Wednesday 10th October.

“We would value your perspectives on how the current global architecture could be improved to help Commonwealth countries better manage their vulnerable to exogenous shocks and their impact,” said Commonwealth Secretary General His Excellency Kamalesh Sharma in a letter to the St. Kitts and Nevis leader.

The Secretary General said Dr. Douglas presentation should be informed “by the St. Kitts and Nevis experience and reflect on the discussions of the CSVE Ministerial which he would have chaired the preceding day, “Shocks have become more frequent and more damaging; transcending economic, geographic and political boundaries. In an interdependent world these shocks and the uncertainty that underlie them are quickly amplified. For all Commonwealth countries building resilience and dealing with the discomfort of uncertainty will be a key issue now and in the years to come,” noted the Secretary General.

He is of the view that in light of the ever increasing uncertainty and volatility and the adverse effect on economies and development, the need for countries to be able to access adequate levels of additional finance quickly and with certainty is an important development goal.

The Commonwealth Secretary noted that the IMF is currently reviewing its shock facilities which present a unique opportunity for Commonwealth members to provide practical inputs to the review process.