Budget for new times

The prime minister yesterday described the budget as fitting the new times that Malta was passing through.

The government planned to boost the economy and strengthen economic stability while keeping tabs on the social dimension so that no one would be left out, he said.

He said that in these times reforms were needed so that the social welfare system would continue to support those in most need.

"Whoever ignores these challenges or tries to give the impression that things can stay as they are without any action being taken, would be acting irresponsibly towards the new and future generations."

Speaking to journalists in his office in parliament, Dr Fenech Adami said the economy had this year not performed according to predictions but the result could not be called a bad one. "The economy did not stagnate and all gainfully employed persons registered an increase in income.

"On the other hand, however, the deficit in the government finances increased and now stands at Lm107 million. This is a time of change and the government will be taking measures to clip the deficit to three per cent of GDP by 2006.

"Such a thing is possible," he maintained.

Answering questions, the prime minister said the budget signified a new spring, unlike other measures taken by someone else who took economic steps as if he were pulling rabbits out of a hat.

This budget was the first that had been discussed with the social partners for two whole days.

When asked whether this meant that the budget had the blessing of the social partners, he said that after the discussions it was up to the government to take the decisions it deemed fit for the country.