Commonwealth Deputy Secretary-General Deodat Maharaj reports back following a successful meeting with the President of Malta.
"This partnership will see enhanced delivery of our work to deal with specific debt challenges of small states through a combination of policy and technical capacity building efforts" - Commonwealth Deputy Secretary-General Deodat Maharaj.
"I concluded my first visit to Malta the host of the 2015 Commonwealth Heads of Government Meeting on Friday 27 June 2014. During the two days in the country, I had the opportunity of engaging with the country’s leadership as well as advancing our initiatives both in supporting Malta and also where Malta is a strategic partner.
"In my positive and productive meeting with Prime Minister Dr Joseph Muscat, and the Foreign Minister George Vella, we discussed the progress made on the establishment of the Small States Centre of Excellence and Small States Trade Financing Facility. The government of Malta have generously agreed to host both these pioneering initiatives. Supporting small states is one of the priorities of the Commonwealth with 31 out of our 53 members falling in this category.
"The Prime Minister and Foreign Minister also used the opportunity of the meeting to provide an update on the preparations for the 2015 Commonwealth Heads of Government Meeting for which preparations have begun in earnest under the able leadership of Phyllis Muscat and her team. I provided an update on policy issues associated with the Post 2015 Development Agenda and the September 2014 SIDS Conference in Samoa.
"I also signed a landmark partnership agreement with the government of Malta to initiate practical collaboration in boosting debt management capacity in small states. The Secretariat has been at the forefront in providing assistance to member states on sovereign debt management for the past three decades. Our debt programme currently assists 40 member states to strengthen sovereign debt management through the appropriate policy framework, institutional arrangements and local capacity building."
Supporting institutional reforms
"We have also supported institutional reforms on public debt management in five small states involving Barbados, Dominica, Jamaica, Maldives and Mauritius. This partnership will see enhanced delivery of our work to deal with specific debt challenges of small states through a combination of policy and technical capacity building efforts, with Malta sharing their best practices and expertise in the area.
"During my meeting with Finance Minister, Hon Professor Edward Scicluna, amongst the things I discussed was the importance of the debt management work currently being delivered in Malta. We are assisting Malta enact an integrated and comprehensive Public Debt Management legislation, reflecting sound governance arrangements, reforming the policy framework of government cash management and shaping the medium-term debt management strategy of the country."
Satisfactory outcome
"I was quite satisfied with the Minister’s endorsement of our assistance and would like to congratulate our Debt Management team on this very good work. We also had a stimulating discussion on policy options for stimulating economic growth in challenging circumstances.
"During an interesting bilateral I had with the Minister for Enterprise, Industry and Business, Hon Dr Chris Cardona, I received an endorsement of our work in the area of trade we were asked for specific support to progress the Government of Malta’s competitiveness in the area of trade.
"I also chaired the preliminary meeting of the Working Group on the Small States Trade Financing Facility, comprising a group of experts who had come from as far and wide as Singapore and Washington. This initiative when it becomes a reality will transform the way our small states are able to effectively be integrated in to the global trading system.
"I am very pleased with the preferred partnership we have with Malta and also to hear the positive feedback on the great work being done by my colleagues."
