Continues talks on working paper 1.1.
The delegates are in a moderated caucus: ‘Financial Trade’
Namibia states that it doesn’t want to be a ‘beggar’ but it is hard for small enterprises to form in countries where there funds are low. They have had problem with investments to the point that they have deregulated everything in order to ease the aid from other countries. They need the influx of trade from richer countries in order to fund their industries.
Singapore recognises the importance of financing in different regions. The purpose of financial markets is to keep the movement of money from country to country.
Sierra Leone argues that if a large scale bank moves into an area and brings their own workers – this will not help the nation to build their own financial strength.
Malaysia continues to impose their desire for micro-credit. In order for micro-credit to be applied, it would need to be highly regulated within the commonwealth. It is clear that micro-credit done privately and without regulation becomes a modern form of slavery.