Commonwealth Central Bank Governors convene to address global economic challenges

Ahead of next month’s Commonwealth Finance Ministers Meeting in Washington, the Governors and Chief Economists of Central Banks discussed the challenges posed by geopolitical tensions, escalation of trade tariff wars, and mounting economic uncertainty.

Image

Chaired by Professor Edward Scicluna, the Governor of the Central Bank of Malta, the attendees addressed the following recommendations, as set out in the meeting’s discussion paper:

• Establishing a Financial Resilience Hub for shared risk analysis and best practices;
• Creating a Peer-to-Peer learning and Technical Support Mechanism to strengthen macro-fiscal financial stability;
• Setting up a Technical Assistance Fund to provide rapid, needs-based support, especially for small states;
• Advancing domestic financial market development through climate-resilient instruments, digital finance, and stronger governance; and
• Leveraging technology platforms like Commonwealth Meridian to boost transparency, efficiency, and trust in debt management.

The meeting was welcomed as it comes at a time when global economic challenges are particularly acute. Emmanuel Maluke Letete, Governor of the Central Bank of Lesotho, spoke of the uncertainty facing many governments:

“The world is going through a lot of uncertainty, with multiple shocks. We don’t know how long the shocks are going to last which makes policy predictions almost impossible. This has made our world truly, truly, difficult. We need more coordination and platforms as proposed by the Commonwealth where we can share these experiences.”

Speaking to those challenges, the meeting’s Chair and Governor of the Central Bank of Malta, Professor Edward Scicluna, said:

“Today, eight Commonwealth countries have general government debt exceeding 100% of GDP, while 24 others sit precariously between 60% and 100%, with three of our members having undergone debt restructuring, with varying degrees of success in securing agreements with creditor groups. These statistics represent more than fiscal challenges; they reflect the erosion of policy space precisely when our nations need it most.”

The Chair also praised the unique role the Commonwealth can play in addressing these challenges:

“The Commonwealth Secretariat stands uniquely positioned with its strong convening power and experience to coordinate structured dialogue ensuring discussions remain focused, productive, and lead to actionable outcomes.”

Image

Dr Ruth Kattumuri, Senior Director of Economic Development, Trade and Investment at the Commonwealth Secretariat, pointed to the myriad of geopolitical challenges facing the global economic community. She highlighted the role that the Commonwealth Secretariat plays in supporting countries with technical assistance, knowledge sharing and capacity building including regional training workshops, with and between member countries.

Addressing the meeting, Dr Kattumuri said:

“While the world faces a multiplicity of crises, coming together as a Commonwealth Family offers a great opportunity to collaborate and find solutions toward fiscal prudence and achieving resilient economies.”

Dr Kattumuri pointed to the steps the Commonwealth is taking to meet these challenges systematically.

This includes the proposed Commonwealth Financial Resilience Hub which would provide a platform to support innovation and collaboration amongst our member countries. A Technical Assistance Fund is also proposed to address limitations in current support mechanisms, most significantly the gap between urgent needs and lengthy procurement processes. Speeding this process up would support the needs of Commonwealth central banks, which regularly face situations requiring rapid, specialised expertise that existing channels cannot deliver efficiently.

The Commonwealth Finance Ministers Meeting takes place in Washington on Monday 13 October 2025.

Media contact

• Ben Maloney   Senior Communications Officer, Communications Division, Commonwealth Secretariat

• E-mail