Treasury Minister Eddie Teare MHK reaffirmed the Isle of Man’s commitment to remaining at the forefront of global standards when he attended the largest annual gathering of the world’s finance ministers.
Mr Teare represented the Island in Washington DC last week at the 2013 meetings of the World Bank, International Monetary Fund (IMF) and Commonwealth Finance Ministers.
The summits bring together central bankers, ministers of finance and development, private sector executives and leading academics to discuss issues of global importance, including the world economic outlook.
This year’s debate focused on international efforts to stimulate economic growth, create new jobs and eradicate poverty.
Minister Teare’s attendance in Washington continued the Isle of Man Government’s programme of targeted external engagement.
He said: ‘The meetings of the World Bank, IMF and Commonwealth Finance Ministers provide a unique opportunity to engage with the world’s finance leaders and to position the Isle of Man on the international stage. It is important to gain an insight into issues that could impact on the Island’s future, as well as emphasise our positive contribution to the global economy.’
Minister Teare took the opportunity to promote the Isle of Man as a forward looking country, with a diverse economy and a track record of leading the way in the field of international regulation.
He was also able to highlight the positive steps taken by the Island to combat tax evasion and fraud – action praised by United Kingdom Prime Minister David Cameron during a recent debate in the House of Commons.
Minister Teare said: ‘The discussions I had in Washington last week reflect a growing recognition of the Isle of Man’s willingness to be part of the solution on issues such as tax transparency. As well as meeting finance ministers and bankers, I spoke to representatives from NGOs who acknowledged the proactive approach of the Isle of Man Government towards the emerging tax debate.’
He added: ‘There is also an awareness of how the Island is supporting other nations around the world through international development and capacity building programmes. In particular, the Small Countries Financial Management Programme was a source of positive comment.’
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