Pakistan proposes establishment of a Commonwealth Reserve Fund


Islamabad: Foreign Secretary Jalil Abbas Jilani representing Pakistan at the Commonwealth Foreign Affairs Ministers meeting being held in Colombo, Sri Lanka, ahead of the Commonwealth Summit, proposed the establishment of a Commonwealth Reserve Fund to assist member states facing socio-economic vulnerabilities, lack of access to financing for development, high and escalating debt burden and natural disasters.

The proposed fund, for which a detailed Concept Paper would be submitted to the Commonwealth Secretariat, could serve to enhancing cooperation for developing, inter alia, a mechanism for early forecasting of financial crisis and guide the countries to take precautionary and timely measures.

Dwelling on the theme of the Commonwealth Summit, “Growth with Equity; Inclusive Development”, Mr. Jilani informed the meeting about the formulation of Vision 2025 – Pakistan’s long term development programme, which aims to create a globally competitive and prosperous country providing a high quality of life for all its citizens.

Prime Minister Muhammad Nawaz Sharif is leading Pakistan’s delegation to the Commonwealth Summit. During his stay in Colombo, the Prime Minister will meet with the President of Sri Lanka and the Prime Ministers of Australia, Malta and New Zealand.

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