"Shocks have become more frequent, quickly amplified, and for small and vulnerable developing countries particularly, they have often become more damaging than in the past," the ministers said at their latest round of meeting of the member nations here.
The Ministers said that building resilience, dealing with the discomfort of uncertainty and addressing the shocks continue to be significant and ongoing challenges for all Commonwealth countries.
"In considering solutions, Ministers recognised the need for adequate, reliable and readily accessible shock financing as one key measure," a statement said.
The Ministers welcomed the steps taken by the IMF and World Bank, regional development banks and the European Union to both strengthen the design and increase the volume of shock financing during the global economic crisis.
"This is a particularly important opportunity to contribute Commonwealth perspectives and communicate Commonwealth priorities, in order to strengthen the adequacy and accessibility of these shock facilities, particularly because of the beneficial impact this can have for many of the worlds' poorest, smallest and most vulnerable members," it added.
Commonwealth Finance Ministers' annual meet had ended on October 10 with a call for concerted global action to address youth unemployment and a deepening of efforts to address the adverse impacts of external shocks, particularly for the poorest, smallest and most vulnerable developing countries.