A number of topical issues were discussed at these meetings.

In this respect, the rising price of oil was a major concern to all countries since the current trend of price rises may reduce global economic growth in the coming years, a Department of Information statement said yesterday.

Demand for oil by developing and developed countries is not expected to fall, while the uncertainty inherent in oil supply from troubled countries may continue.

As such, world leaders requested the major oil-producing countries to step up their production to guarantee adequate supply and stabilise oil prices to acceptable levels.

Appeals were made during the meetings for aid to low-income countries in the form of national debt reduction.

Consensus was reached that such aid should be given but any policy agreed requires international political consensus, especially from the main lender countries. Such aid will assist less-developed countries improve their economies and begin the process of reducing or eradicating poverty, since their national burden, through current debt repayments, will be greatly reduced.

Mr Fenech also met World Bank and IMF officials to discuss on-going projects and potential in Malta in order to identify opportunities for greater cooperation with these global institutions. Mr Fenech also met with the management of credit rating agency Fitch and Moody to discuss Malta’s economic fundamentals and progress.