Malta proposes small states network in World Bank, IMF

Parliamentary Secretary Tonio Fenech is back from the US after proposing the setting up of a Small States Economic Network within the World Bank and IMF organisations.

The proposal, prepared in conjunction with economist Lino Briguglio and the Central Bank of Malta, was well received by those present for the small states forum, a government statement said.

The World Bank and IMF will now review the proposal over the coming weeks.

Leaders of the world's smallest countries held the yearly Small States Forum during the World Bank/IMF annual meetings.

Speaking at the forum, World Bank President Paul Wolfowitz admitted it was a special challenge to get people to pay attention to small states.

"Small states have a special innovation opportunity. Maybe in just such an environment, we can do development better and set an example for larger countries," he said.

The forum centred on a report assessing the relevance of the small states agenda which was outlined in the groundbreaking April 2000 Commonwealth/ World Bank Joint Task Force Report on Small States.

More important than weighing the balance of challenges and opportunities, the forum participants focused on the way forward.

Following the lead of Mr Fenech, participants discussed possible mechanisms for sharing small states, policymaking and regulatory expertise, securing better access to relevant technical assistance, strengthening their voice in international organisations, and for stimulating stronger engagement by regional and international organisations.

All this would require greater policy innovation and experimentation and learning from the adaptation experiences of small states, several speakers noted.