In his weekly video blog, Finance Minister Prof. Edward Scicluna discusses his recent visit to Washington to attend the annual meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF).

He explains that such meetings represent an opportunity for representatives of the attending countries to not only obtain a deeper understanding of global economic trends, but also provide to other representatives a more in-depth understanding of the economic situation back at home.

Prof. Scicluna explains that these meetings are also an invaluable opportunity for the economic and financial heads of each respective country to meet and discuss with leading economic and financial institutions, like the IMF, the WBG, and the big three economic credit rating agencies – Fitch, Moody’s and Standard & Poor’s.

He notes that this direct contact allows each attending country to communicate the economic situation within their respective countries accurately and concisely, away from media reports and hearsay which often cloud issues.

He also argues that these face-to-face meetings serves each country in good stead when these institutions send out their respective missions to conduct regular credit rating appraisals, as the country’s credibility in the eyes of the institution would be strengthened through direct contact.

– Friday, 18th October, 2013