Edward Scicluna to resign, will take up post as Governor of the Central Bank
edward scicluna to resign will take up post as governor of the central bank - Edward Scicluna to resign, will take up post as Governor of the Central Bank

Edward Scicluna will be resigning as Finance Minister and as an MP, a statement by the government read.

The government is going to propose to the European Central Bank that Scicluna be appointed Governor of the Central Bank of Malta. “In order to be able to start this process, Scicluna will resign as Minister of Finance in the coming days, and as a member of the Maltese Parliament by the end of the year,” a government statement read.

Over the past months rumours have been spreading of Scicluna’s exit from politics, and that newly co-opted MP Clyde Caruana might replace him as Finance Minister, however the latter move is not yet confirmed.

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The statement read that the current Central Bank Governor, Mario Vella is to be appointed Special Commissioner for Economic, Financial and Trade Relations with the United Kingdom. “This, in view of the fact that, on 1 January 2021, the transitional period of Brexit will come to an end. New regulations will come into force in different sectors which will have a significant impact on our country.”

“Following approval by the European Central Bank for this appointment, Vella will resign as Governor of the Central Bank with effect from 31 December 2020.”

The government thanked Minister Scicluna for his impeccable work as Minister for Finance over the past seven years, “moving from a situation of an excessive deficit procedure before 2013 to the best European economy. His leadership of the country’s finances was instrumental to the presentation of successful budgets which created and distributed wealth and changed for the better the lives of thousands of Maltese and Gozitan families.”

The Government also thanks Mario Vella for the work he has done as Governor of the Central Bank of Malta, providing strategic direction for this crucial institution of our country.

The Government congratulated Professor Edward Scicluna and Dr Mario Vella on their new roles and looks forward to their further contributions to benefit Malta and Gozo.

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