Finance Minister Edward Scicluna will be resigning his Cabinet position the “coming days” to take up the position of Central Bank of Malta (CBM) Governor.

He will also be resigning from his position as MP by the end of the year, a Government statement reads.

His resignation follows the appointment of former CBM Governor Mario Vella being appointed Special Commissioner for Economic, Financial and Trade Relations with the United Kingdom.

“This in view of the fact that, on 1st 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, Dr Vella will resign as Governor of the Central Bank with effect from 31st December 2020.”

As a result of Dr Vella’s new position, the Government is therefore proposing to the European Central Bank that Professor Scicluna be appointed CBM Governor.

“In order to be able to start this process, Prof 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.

“The Government thanks 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 thanked Dr Vella for the “important 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 Scicluna and Dr Vella on their new roles and looks forward to their further contributions to benefit Malta and Gozo.