Scicluna represents the EU at G20 finance ministers meeting

Holding the Presidency of the Council of the European Union, Malta represented the EU at the G20 Finance Ministers meeting that was held in Baden-Baden, Germany this week. This was a unique opportunity for a Maltese Finance Minister to participate in the meeting.

Convening representatives from the world’s 20 largest economies, the G20 Finance Ministers meeting discussed the Global Economy and Framework for Growth, a Compact with Africa, International Financial Architecture, International Taxation, Financial Sector Development and Regulation and Global Governance.

While intervening on the Compact with Africa initiative, one of the flagship initiatives of the G20, Prof. Edward Scicluna expressed support on behalf of the Presidency of the Council of the EU.

Prof. Scicluna stated: “This initiative provides a lot of synergy with the objectives of the Maltese Presidency with respect to migration and the European External Investment Plan to promote sustainable investment in neighbouring regions such as North Africa and beyond.”

He told G20 members that investment in Africa will also be a main theme at the informal meeting of the EU Finance Ministers when they convene in Malta, early next month.

On Global Governance, Minister Scicluna highlighted issues concerning correspondent banks, ultimately resulting in having financial institutions terminating or restricting legitimate business from access to finance.

Prof. Scicluna confirmed the strong support that exists at European level for the current system of multilateral economic institutions.