Updated | Gonzi to be sworn in as Leader of Opposition

Nationalist Party leader Lawrence Gonzi is to be sworn in as leader of the Opposition later on today.

He will serve as Leader of the Opposition until a new PN leader is chosen within the next three months.

During a brief address following the meeting, Muscat said that he and Gonzi discussed the ongoing administrative handover as well as "developments which would be taking place in parliament over the coming weeks."

Gonzi also took the chance to stress the importance of the budget "passing as soon as possible so that the country can get on with its parliamentary agenda", saying that the opposition would "cooperate fully" in this regard.

Gonzi added that while he would serve as Leader of the Opposition, he would also be starting the process within the PN for the selection of a new party leader.

"Obviously, this process will take some time. Until then, I will serve as Leader of Opposition until a new leader is chosen and he takes up the position."

Asked to confirm a comment delivered on Monday evening that he was envisaging parliament reconvening after Easter, Muscat said that there are certain deadlines within the electoral commission as well as within the PN structures that preclude going into further detail at this stage, to which Gonzi nodded his agreement.

Muscat also sidestepped a question whether the role of Speaker was discussed during the meeting.

President George Abela also thanked both political leaders for the dignified addresses they delivered following the electoral result, which he said shows their mutual respect and how the people should conduct themselves.

Just met @lawrence_gonzi together with President Abela for transition talks and to map the way forward. This is a normal country -JM — Joseph Muscat(@JosephMuscat_JM) March 12, 2013

At 11:30am, Prime Minister Joseph Muscat tweets: "Just met @Lawrence_Gonzi together with President Abela for transition talks and to map the way forward."

Gonzi informed President George Abela of his decision this morning during a meeting at the Palace, for which Muscat was also present.

Abela was reported entering the Palace in Valletta at about 9.30am followed shortly after by Gonzi and Muscat at 10am.