CASTRIES, St Lucia, – Commonwealth Finance Ministers have completed a three-day review of the major economic challenges confronting member states of the 53 nation grouping, identifying high food and energy prices and the unfolding global recession as priority areas

for international support.

In response to the food and energy situation, the ministers have cited the need to accelerate both short and long term investments in agricultural production and productivity, as well as in new sources of energy supply.

The Ministers have further appealed to lending agencies, such as the World Bank and the International Monetary Fund, to strengthen their financial support for Commonwealth countries working towards the attainment of the Millennium Development Goals

"Higher food and energy prices are setting back progress towards meeting the poverty MDGs and are causing severe balance of payments problems, especially for our energy- importing countries, mainly in Africa with the lowest capacityto import," said conference chairman, St Lucia's Prime Minister Stephenson King.

He also pointed out that while some countries were benefiting from high commodity prices, adverse effects were being felt elsewhere.

In view of this concern, the Finance Minister calledfor greater coordinated policy and regulatory action.

He also noted that the global economic downturn has severely shaken confidence in the financial system and has forced local economies to take action to stabilise markets through policy measures aimed at reducingthe risk of recession.

"We also recognised that while the policy challenges need to be addressed at the national level,the task will be made easier if the international community provides more coordinatedsupport," said King.

The Commonwealth Ministers also considered the need for enhanced international cooperation both to secure an early returnto stability and to strengthen financial regulation and surveillance for the future.

They also used the platform of the Castries meeting to restate concerns about trade, urging key stakeholders to muster the necessary political will to achieve "an urgent, fair, equitable, and development-oriented conclusion" to the Doha Round of global trade negotiations. (CMC)