the globe as they prepared to tackle major issues affecting Commonwealth countries.

Today and tomorrow Ministers will get down to business and discuss debt, aid, money laundering and private investment linked to development.

Yesterday, however, was a day of welcome for the hundreds of delegates from almost 50 countries.

Premier David Saul, Finance Minister Grant Gibbons, British Chancellor of the Exchequer Kenneth Clarke and Commonwealth Secretary General Chief Emeka Anyaoku all welcomed delegates.

"As we approach the new Millenium, the extent and speed with which the global landscape has been transformed has been remarkable,'' said Mr. Anyaoku.

"In the changed world order that is emerging, the relevance and impact of the Commonwealth has been increasingly enhanced.

"In the Commonwealth, we understand that the great divides of the present and the future are likely to be more economic in character than political.

"Commonwealth consultations are not like the discussions in other fora, characterised by North-South or other divisions, where too often debate becomes the dialogue of the deaf,'' said Mr. Anyaoku.

"The emphasis in the Commonwealth is on exchanging experiences, talking to and learning from each other.

"As a result, Commonwealth initiatives, based on hard reality rather than on political rhetoric, have often had a wider impact outside our association and contributed significantly to the course of global thinking.'' Mr. Anyaoku gave a breakdown of some of the current problems facing Commonwealth countries, including the issue of debt and aid which will be under discussion.

Money laundering will also be on the Finance Ministers' agenda as well as a special theme this year of Private Capital Flows and Development -- helping investment and growth.

"The current phase of global economic development offers great opportunities to sustain development over the long-term,'' added Mr. Anyaoku.

"It is important, however, that some disturbing trends are corrected quickly to ensure that emerging disparities do not move from the inequitable to the inhuman.

"To achieve this, we must all strive for economic growth that is employment creating rather than jobless making, environmentally sound rather than cosmically self-defeating and participatory rather than voiceless.'' In his opening address, Mr. Clarke outlined some of past successes of the Commonwealth Finance Ministers Meeting.

Ministers meeting He said a debt initiative launched in 1994 provided hope of making progress on easing debt burden and that the issue of private capital flows had been put on the international agenda.

"Despite our different cultures, our different histories and differences in the size and structure of our economies there is a great deal we can learn from one another over a vast range of issues.

"How to protect human rights, how to liberate our people from the fear of terrorism, how to wipe out drugs and fight crime, the best ways to clamp down on money launderers and how to deliver sustainable development,'' said Mr.

Clarke.

Bermuda last hosted the meeting in 1980 when Dr. Saul was Financial Secretary.

In that time, said Dr. Saul, the Island's international insurance business had grown to rival New York and London.

He added: "After a period of structural adjustment following the recession the Island's economy is very much on the rebound.

"The construction industry is doing very well, creating scores of jobs throughout the industry and in allied businesses, and there is reason to be encouraged about the direction in which both tourism and international business are headed.'' Dr. Grant Gibbons also gave a breakdown of the country's successful economy, education and business.

He added however: "The discussions held and the conclusions reached at this meeting will play a role in determining Bermuda's future.

"We understand we are susceptible to what happens in the global economy and that is why we are pleased to play our small part, through the Commonwealth, to help shape our collective destinies.''