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, between 30 September to 2 October 2009.
According to a press release issued by the Commonwealth Secretariat, at the Commonwealth Finance Ministers Meeting (CFMM), Ministers will review country experiences, seek to distil good practices, explore mutual support, and identify how the Commonwealth Secretariat can best assist.
The economic impact of the crisis and policy responses, the impact of the crisis on attainment of the Millennium Development Goals, the implications of the crisis for financial sector regulation and the reform of the International Financial Institutions are some of the issues on the agenda of the CFMM.
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 (except the Fiji Islands which were suspended from the Councils of the Commonwealth following the military overthrow of civilian government in December 2006) and the Commonwealth Secretariat will participate at the Meeting.
It is estimated that around 40 countries will be represented by their Finance Ministers, some of whom are also Prime Ministers.
The opening ceremony will be held on the evening of 30 September 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 press release adds.
It notes that the CFMM will take place immediately prior to the Annual Meetings of the World Bank Group and the International Monetary Fund being held this year in Istanbul, Turkey.
The Meeting will conclude with a joint press conference by the Cypriot Minister of Finance 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.
It 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
