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Commonwealth Finance Ministers to hear how harnessing innovation is vital to tackling economic challenges

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Innovation will be at the centre of ways to tackle shared challenges facing Commonwealth countries when finance ministers, central bank governors, and senior finance officials meet this week in Washington DC.

 

Commonwealth Ministers will  hear how harnessing innovation is vital to tackling Commonwealth’s economic challenges.

Member states will be discussing ways to address climate change, financial exclusion, unemployment and the vulnerability of small and developing states.

“Significant and innovative public policies will likely be required to reduce fossil fuel production and consumption to achieve the Paris Agreement,” said Dr Daniel Wilde, economic adviser in the Commonwealth Secretariat’s Oceans and Natural Resources division. “If effective policies aren’t put in place, then climate change could result in severe economic and ecological damage.”

Small states are disproportionately exposed to economic and climate shocks. They face further challenges caused by inadequate resources in building up their resilience.

“Now is the time to re-examine international rules governing external financing. We need to explore the innovative mechanisms of linking vulnerability to development finance, such as disaster and climate finance,” said the Secretariat’s economic adviser small states, Motselisi Matsela.

Technological innovation will also be key to tackling unemployment across the Commonwealth. Ministers will be discussing how member states can help one another when it comes to research and development, bridging any gaps in knowledge.

Research officer for the Secretariat’s economic, social and sustainable development directorate (ESSD), Zoheir Ebrahim said, “Innovation could be the catalyst for stimulating economic growth, creating new industries and supporting a growing Commonwealth labour force. To do this we need to enhance the enabling environment for private sector investment through new Commonwealth development partnerships.”

An issue facing all Commonwealth members is the implication of disruptive change brought about by innovative technologies in the financial sector, more commonly known as Fintech.

“Fintech has the potential to address financial exclusion, which affects predominantly women, by bringing financial services to them,” said Sanjana Zaman, ESSD research officer. “Central bank governors will be encouraged to collaborate with the Fintech sector to take this agenda forward.”

The finance ministers meeting will be preceded by the annual dialogue between the Commonwealth, La Francophonie and the G20 group of countries. It will provide a unique opportunity for member states from both intergovernmental organisations to engage with senior officials from the current German G20 Presidency and the incoming Argentinian G20 Presidency to discuss the current agenda and policy options for a future agenda.

The Commonwealth represents a third of the world across six regions, including small states and vulnerable states, developed and developing states, and five of the countries making up the Group of 20 (G20), namely Australia, Canada, India, South Africa and the U

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I started creating content at age 9 – Layi Wasabi …….I felt I needed a tour guide for Anikulapo’s set- Layi Wasabi From making funny skits on Instagram to appearing in Kunle Afolayan’s blockbuster movie, Anikulapo, Olayiwola Isaac, popularly known as Layi Wasabi, is making efforts to keep exploring the entertainment industry. In this interview with DAVID ADEBAYO, Layi shares his journey into skit-making, acting, and more that should be expected from him. PSN: You became popular with skit making, and suddenly, you are in the face of everybody. Now everybody wants to see you beyond Instagram. You have transitioned into acting, and it seems you started on the right footing with Anikulapo. Does your quickness surprise you? Layi: Okay, let me describe the feeling like this: You know, when you’re a child and you put your leg into your father’s shoes, you know you will walk around in those shoes, feeling funny and wobbling. That was how being on the Anikulapo set felt to me. 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And that, for me, is super amazing. You know that this is a large scale and a very hyper-genre. But for me, what struck me first as an actor was what I had to do to get the art form at its best. I knew Kunle Afolayan was someone who was very committed to art. Therefore, someone of Kunle Afolayan’s calibre would expect you to give your utmost interpretation in whatever role he assigns you. PSN: So you felt you had to bring your A-game into this? Layi: So first of all, I knew that I was on his set with Kunle Afolayan; that was the first thing on my mind. Then I told myself, Layi, you have to bring your A game to this thing. Then, as I was working on a Netflix project, it dawned on me that it was indeed a Netflix project. I thought, Okay, this is serious business, boy; you have to do what you’re doing right. Yeah, some people were expecting to see the green lace and the green cocktail, just like you do on Instagram. PSN: Were you overwhelmed at any point? Layi: It was simply a dream-like situation for me. That was how it felt. I felt like a kid in a museum. That’s how it feels. I remember the first time I saw Taiwo Hassan. He passed me, and I felt like I grew up watching the people I was on set with. I felt like I needed a tour guide on that set. It was a huge moment in my life. So it was a dreamlike experience, very humbling, and very inspiring. PSN: What do you think about the storyline that you played in? Layi:It was a role that was offered, but I kind of understood why the casting director would pick me for the role. You know, and the two other people that, cause, the role I was supposed to play was that of someone that was pestering Saro. So, I could understand why the casting director was picking me for the role. 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