Minister of Finance Dr Ashni Singh said it was important to recognise the changing role of the Commonwealth Ministerial Debt Sustainability Forum in developing countries during his address, after accepting the chairmanship of the Forum for 2008/2009.
According to a Government Information Agency (GINA) the forum, formerly the Commonwealth Highly Indebted Poor Countries (HIPC) brings together finance ministers of the HIPC countries of the Commonwealth to discuss and advocate issues of common interest related to the achievement and maintaining of debt sustainability. Singh accepted the chairmanship on April 9 at a meeting held in Washington DC at the World Bank.
The Guyana delegation also included Ambassador Bayney Karran and Debt Management Division Head Donna Yearwood. Singh succeeded Kwadwo Baah-Wiredu, Ghana’s Minister of Finance and Economic Planning. He is chairing the forum for 2008/2009.
In his address the minister highlighted a number of challenges the forum’s members face including climate change and the economic cost of an adequate response; the unprecedented levels of world market prices for fuel and food staples and the complexity of the effect of developments such as the shift to bio-fuels. Singh said too “official development assistance is not being delivered at the rate required if the Millennium Development Goals…are to be achieved.” He further noted that all these factors have serious implications for macroeconomic stability and for external, fiscal and debt sustainability.
Cross country experiences in accessing international capital markets; new opportunities for external financing and supports available for strengthening administrative arrangements for more effective public debt management were among other issues discussed.
The forum’s next meeting is scheduled to be held in the second half of this year.
