PM Douglas and Commonwealth Finance Ministers focus on youth, other issues

PM in Tokyo at World Bank meeting

BASSETERRE, ST. KITTS, OCTOBER 11TH 2012 (CUOPM) – St. Kitts and Nevis’ Prime Minister and Minister of Finance, the Rt. Hon. Dr. Denzil L. Douglas was among Commonwealth Ministers of Finance, who focused on youth unemployment, building resilience, managing debt among Commonwealth countries and strengthening the relationship between the Commonwealth and the G20.

The main ministerial meeting on October 10th was preceded by sessions for senior finance officials, central bank governors, and ministers from Commonwealth small and vulnerable economies on 9 October.

The meeting’s primary objective was for ministers and officials to discuss practical ways of addressing current challenges faced by their respective economies.

The meetings took place at the Tokyo International Forum, venue of the 2012 Annual Meetings of the International Monetary Fund and The World Bank Group.

Key issues discussed included: high levels of youth unemployment; managing increasing volatility and building resilience to deal with exogenous shocks; tracking the progress of managing debt among Commonwealth countries; and strengthening the relationship between the Commonwealth and the G20.

Senior finance officials examined new ways of partnering and harnessing the potential of the private sector and sought to find a common approach to shaping the post-2015 development framework ahead of the target year for the achievement of the Millennium Development Goals. Central bank governors discussed the challenges associated with managing long-term reserves and sovereign wealth funds.