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21.05.2020 2 NEWS MINISTER for Finance and Fi- nancial Services Edward Scicluna, together with the Finance Ministers of the Eu- ropean Union, par- ticipated in an informal Ecofin v i d e o c o n f e r - ence on the 19th of May 2020, to dis- cuss the AML/ CFT Commu- nication recent- ly issued by the European Com- mission and the Recovery Fund. "Malta is cer- tainly in favour of achieving greater clarity and har- monisation on the application of AML/CFT requirements across all EU member states through the creation of an EU authority or agency, which could be part of the mechanism to achieve better coor- dination and cooperation between EU AML/CFT supervisors," stated Minister Scicluna. Such an agency should see the involvement and strengthening of national AML/CFT supervi- sors since these have reg- ular interaction with obliged entities and have enforcement and sanctioning powers over them. To achieve this, a gap analysis may be needed to better assess pending obsta- cles to informa- tion sharing and joint actions that could be effec- tively addressed through legisla- tion. There should also be the neces- sary structures and technological means to carry out data sharing and data analysis in an effective manner. Malta also supports the Commis- sion in having significant synergies with the FATF (de)listing process while retaining the EU's ability to act independently in those circum- stances that require action to pro- tect the EU. During the meeting, the Finance Ministers also took stock of the progress made on measures to re- spond to the COVID-19 crisis at the EU level, including the EIB's pan-European guarantee fund. Minister Scicluna said, "Malta welcomes the progress achieved so far with regards to the four EU financial instruments. We support the EIB's pan-European guarantee fund, that could support financing for companies encountering prob- lems due to the COVID-19 crisis, with a focus on SMEs, the SURE Programme for the protection of employment, the ESM Credit lines and the common recovery instru- ment at the EU level." "Malta strongly believes that the recovery plan must be treat- ed holistically and that the entire Multiannual Financial Framework, including the Recovery Fund, are agreed to as soon as possible. Mal- ta is open to discussions but is ready to seek a compromise to the benefit of the formidable challeng- es facing the EU in the months to come". Malta welcomes the progress achieved so far on four Covid-19 EU financial instruments MALTA experienced the highest month- ly increase in inflation across the EU last April, figures out today show. Inflation went up by 2.9% in April when compared to March, Eurostat, the EU statistical agency, said. The next highest increase on a month- on-month basis was in the Netherlands, where inflation went up by 1%. In most other EU countries, the monthly HCIP inflation rate either dropped or regis- tered a negligible increase. April was the first full month when the COVID-19 restrictive measures started biting hard. Despite Malta being an outlier when statistics are evaluated on a monthly basis, the year-on-year inflation rate re- mained stable at 1.1%. The annual inflation rate measures the average price changes in the refer- ence month when compared to the same month the previous year. The monthly inflation compares the inflation of the reference month to the previous month. Both calculations can be influenced by monthly and seasonal effects. Inflation in Malta rose by 2.9% in April Finance minister Edward Scicluna KURT SANSONE A bipartisan task force should be set up to craft a social pact for economic recovery, the Na- tionalist Party has proposed. e PN said the task force should include government and Opposition representatives, unions, employer organisations and civil society representa- tives. Opposition leader Adrian De- lia and economy spokesperson Claudio Grech outlined the par- ty's proposal on Wednesday af- ternoon in what they described as "a plan for Malta". e PN is also proposing 10 policy pillars upon which the recovery plan should be built, including targeted, temporary and timely relief to all those en- terprises that have been materi- ally impacted by COVID-19. e Opposition is also calling for a clear time-lined plan of decisions to encourage investor confidence. It also wants the creation of a strong "indigenous" private healthcare sector to comple- ment public healthcare services. But the plan will also have to be forward looking by creating "innovative and comprehensive investment aid programmes" to support companies that want to transform their businesses. Another policy proposal is to prioritise public spending on "growth pillars for industry" and the strengthening of the country's infrastructure. e recovery should be under- pinned by the EU COVID-19 recovery and transformation fund. Delia said this was the time for all players to pull the same rope. "is is not the time to be popu- list but a time of transformation to be prepared for future reali- ties and move forward," he said. e PN leader said that the Opposition had consulted with all players and looked at what was being done abroad. Delia said the current crisis brought about by COVID-19 restrictions had exposed the weakness of the economy's foundations, which were built on a model that rested on pop- ulation growth and consump- tion. "is is why the Opposition is putting forward its plan for a joint effort to determine where we want to take this country," he said. He called on government to give direction, share informa- tion and be transparent about its intentions so that people could be able to plan ahead. Grech said the Opposition was taking the unprecedent- ed position of putting political considerations aside and be part of the drafting of an economic recovery plan that would be agreed by all. Nationalist Party proposes bipartisan social pact for economic recovery

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