Edward Scicluna chairs Commonwealth Central Bank Governors meeting 

The Governor of the Central Bank of Malta, Edward Scicluna, chaired the Commonwealth Central Bank Governors (CCBG) Meeting, held virtually this Tuesday.

Bringing together Central Bank Governors, senior officials and designated observers from the 56 member countries of the Commonwealth, the meeting “fostered productive discussions related to national and global economic challenges”, according to a statement.

Conducted under the theme ‘Strengthening Economic Resilience Amidst the International Policy Shifts’, a “lively” discussion produced numerous interventions by member states including Lesotho, Uganda, Bangladesh, the Bahamas, Kenya and New Zealand.”

Among the issues highlighted by the speakers were the direct impact of escalating tariff wars, and the growing economic uncertainty caused by the geopolitical upheaval, the increasing debt burden and the cuts in development aid.

Dr Ruth Kattumuri, Senior Director of Economic Development, Trade and Investment welcomed the Bank delegates on behalf of the Commonwealth Secretariat. 

She highlighted the role played by the Secretariat in providing knowledge sharing, capacity building and technical assistance to and between member states. She hoped that the proposed initiatives which include a Commonwealth Financial Resilience Hub that would support innovation and collaboration among member countries would be taken up by the Commonwealth Member States.

In his introductory speech Governor Scicluna underscored the importance of multilateral cooperation in overcoming the present challenges. 

“The geo-economic fragmentation we witness appears more than a temporary disruption. It actually signals a fundamental shift requiring us all to extend our strategies beyond our traditional mandates,” he said. 

“The gradual weakening of international cooperation, combined with the inherent vulnerabilities of developing Commonwealth countries, positions many of our central banks as the centre of resilience.

The outcomes of the meeting will serve as the basis for discussion at the Commonwealth Finance Ministers Meeting which will take place on the sidelines of the International Monetary Fund / World Bank Group Annual Meetings in Washington DC, Malta will continue to work with the Commonwealth Secretariat as Chair during these meetings.