Governor's Corner

Governor Scicluna participates in the Annual IMF and World Bank Meetings

The Governor of the Central Bank of Malta, Professor Edward Scicluna, participated in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), which are taking place in Washington D.C. via a hybrid format between 12 and 17 October 2021. Both fora gather policymakers, leading experts in the field and an array of NGOs to discuss issues of global concern. This year's meetings largely focused on the COVID-19 pandemic, climate change and building a more resilient and sustainable global economy.

Following voting procedures by the Governors of the IMF and WBG, the Governor of Malta was appointed to serve as a member of the Joint Procedures Committee (JPC) for the coming year. Additionally, Malta will also be part of the Multilateral Investment Guarantee Agency (MIGA) Procedures Committee. These committees are intended to serve as advisory bodies.

In a statement delivered to the participants of the Annual Meetings, Governor Scicluna underlined the importance of the historic general SDR allocation of US$650 billion which took place in August as it "generated substantial additional reserves for emerging market and low-income countries". He also fully supported the Debt Service Suspension Initiative (DSSI) - which will allow for the orderly debt treatment of eligible countries - as well as their ambitious plan to vaccinate at least 40% and 60% of the population of every country by end-2021 and mid-2022 respectively.

On the ongoing challenges posed by the pandemic in particular the reduction of inequalities of vaccine distribution between advanced economies and low-income economies, Professor Scicluna stated that "Addressing the growing divide in vaccine distribution across the world signifies not only an economic necessity, but a moral imperative."

Regarding the urgency of addressing climate change the Governor praised the World Bank's Climate Change Action Plan 2021-2025 and expressed support for its intended goals - especially the scaling up of climate finance and mobilisation of private capital.

Governor Scicluna participates in the Annual IMF and World Bank Meetings

Governor Scicluna participated in the IMF-WBG Annual Meetings held between 12 and 17 October 2021