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Malta Relays Reform Progress To IMF, WB

by Lorys Charalambous, Lowtax.net, Cyprus
17 April, 2014

Malta's Finance Minister, Edward Scicluna, has attended a number of meetings with multilateral institutions in Washington, where he outlined economic reforms underway in the territory.

Scicluna and a delegation from the Central Bank of Malta attended the 2014 International Monetary Fund (IMF) and World Bank Group (WBG) Spring Meetings along with other Finance Ministers from the 188 countries.

The topics under discussion were global economic matters, and Malta took the opportunity to update the IMF and WBG on economic developments in the territory as well as on the island's future economic outlook.

Scicluna said: "We want to continue engaging productively with these institutions on the Government's economic plans and listen attentively to their views and advice. This is a two-way process."

Discussing measures to improve the prospects of the local financial services industry in March, Scicluna disclosed that Malta is consider a register of beneficiaries to boost its cooperation in international tax matters, and amendments to the Trust and Trustees Act to achieve a balance between making Malta an attractive trust domicile, through the introduction of new features such as the concept of family trusts, and ensuring that the regulatory regime remains robust.

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