A breakfast dialogue by the Commonwealth Business Council (CBC) for Heads of Delegation saw the discussion of inclusive banking and access to finance by the poor, said Finance Minister Dr. Ashni Singh yesterday.
The minister made these comments during a morning break in the first plenary session of the Commonwealth Finance Ministers Meeting (CFMM) being held at the Guyana International Conference Centre (GICC) at Liliendaal, East Coast Demerara.
This forum that began at 7:30 am yesterday morning was organized by the CBC and sought to deal with inclusive banking to increase access by the poor to formal banking systems.
Minister Singh noted that discussions surrounded innovative ways that the Commonwealth could work together to increase access to financial services, such as catastrophic risk insurance, micro-insurance to small businesses and to households.
In relation to Guyana the minister stated that this is of particular importance for small farmers who can benefit from catastrophe insurance when their ability to earn is disrupted by a disaster. There is a link, he said, between the micro-insurance and micro-finance since the inability to pay may be affected by a catastrophe or vice versa.
Finance Ministers from the Commonwealth discussed yesterday morning the World Economic Situation, including the International Monetary Fund (IMF), World Bank Issues, Heavily Indebted Poor Countries (HIPC) and the Poverty Reduction Strategy Report.
After the opening remarks by Nigerian Finance Minister Dr. Shamsuddeen Usman the media was asked to leave so that the ministers could continue the session.
After the first session the Heads of Delegates had lunch at the Grand Coastal Inn, East Coast Demerara and returned for the afternoon sessions to discuss in the second plenary the special theme: Climate Change – The Challenges Facing Finance Ministers and Small States issues, among other things.
A reception was hosted by the Commonwealth Deputy Secretary General Ransford Smith for the delegates and special invitees at the Grand Savannah Suite, Le Meridien Pegasus Hotel last night.
