IMF Positive about the Growth of MaltaPosted: 10/05/2012
Finance Minister Tonio Fenech delivered a speech this week on the Budget Measures Implementation Bill and closed with news of the latest report from the International Monetary Fund (IMF). Mr. Fenech says that the IMF has called Malta’s plans for the future and the effort the country is putting out to reach financial stability is “impressive”.
The IMF publishes information monthly and its 1 May publication reported Malta as being one of the 6 countries in the developed world that had increased its employment rate throughout the month of April. After announcing this information, Mr. Fenech said that this progress is proof that the Maltese government has made up a budget that is focused on stability and economic growth. This budget is one that offers incentives to industry as well as to the tourism industries, something that are both important to the Maltese economy. Additionally, there are tax reduction schemes for working parents and to parents who are sending their children to private nurseries and schools. The government has also increased its benefits to the elderly which is important to the middle class.
Mr. Fenech also announced that the Maltese national debt was standing at 72% of the GDP when using the EU methodology. This does not include guaranteed debts of independent organisations of the books. He stated that if the opposition party was governing, it would have included austerity measures based on the pretext that debts were not officially announced.
The speech continued by Mr. Fenech stating that the reason for uncertainty for investors was due to the change in government and not the way the parliamentary vote was taken like many believe. He backed that up by saying investors knew that the party was supportive of the business but they were not sure about the stand of the opposition.