EU Ministers approve of Malta’s Budget
The EU yesterday closed an excessive deficit procedure started against Malta in 2009, noting that the 2013 Budget, presented last week by Finance Minister Tonio Fenech, had “consolidation measures” aimed at strengthening Malta’s public finances.
During their monthly meeting in Brussels, EU finance ministers agreed that since 2009, Malta had taken appropriate measures to put its finances in order and declared: “Malta’s excessive deficit has been corrected”.
Action against Malta was started in July 2009, following a 4.7 per cent deficit reported in 2008, significantly above the three per cent EU threshold.
Although originally, Malta was given until the end of 2010 to put its house in order, the island was allowed another year due to a sharper-than-expected deterioration of the island’s economy stemming from the global economic downturn.
Following various measures taken by the Government, the deficit was reduced to 2.7 per cent in 2011 and is expected to decline further to 2.3 per cent by the end of this month.
In its recommendation to the Council, the Commission said it was expecting Malta’s deficit to remain below the three per cent of GDP reference value over the forecast horizon – the end of 2014.
According to the last week’s Budget estimates, the deficit should fall to 1.7 per cent next year.
Popular Stories
Old buses, drivers to return
Former Judge Ray Pace found dead
Updated: Minister apologises for...
Three new Nationalist MPs elected –...
Where’s Everybody staff is given notice
Updated - Director of Prisons submits...
Update 3 - Woman trapped as car crashes...
Revealed...the face of a Maltese woman...
PL reacts as PN labels Franco Debono's...
In Discussion
Old buses, drivers to return
Updated: Minister apologises for...
PL reacts as PN labels Franco Debono's...
Updated - Director of Prisons submits...
Enemalta seeking minimum five year gas...
Protected birds shot and trapped as...
Mario de Marco, Zammit Dimech concede,...
PN postpones salaries as financial...
Updated - PM's offer to Opposition MPs...
24 Comments
Post comment
Please sign in or create your Account to post comments.
Charles Muscat
Dec 5th 2012, 21:58
Another PN victory is certain.
Charles Tabone
Dec 5th 2012, 18:40
Good, does that mean we are not going to be charged so much for electricity now?
Anthony Arpa
Dec 5th 2012, 14:02
U ghad issieb min jajd li il pajjiez immexi min dittatur jew li fil pajjiez hawn id-dittatura ... Mhux b'xejn li hawn hafna nies isofru id dimenzja ta u li gvern se jibda jaghti il pinnoli tad dimenzja b'xejn dalwaqt!!!
J Martinelli
Dec 5th 2012, 13:50
Where is the anti-gonziPN brigade?
Will Joseph do another U-turn and condemn the Budget? IF he still likes the Budget, why does he intend to vote against it? Same vindictive mentality as Franco Debono's?
The LP doesn't even hide the fact that it continues to toy with their own supporters' minds!
The more things change at the LP, the more they get worse - and illogical.
Lucienne Dimech
Dec 5th 2012, 12:42
So what it's the local parliament that will not approve if HE keeps his word
George Calleja
Dec 5th 2012, 12:39
Veru qeghdin sew! L-Ewropa tapprova l-budget, il-gvern japprova l-budget, l-oppozizzjoni taccetta l-budget u se tinkorporah jekk tigi eletta, il-poplu jrid li l-budget jghaddi.....IMMA il-kapriccuz Franco Debono jinsisti li se jivvota KONTRA l-budget!! Waqt li pajjizi ohra mgharrqa fl-inkwiet, ahna nixxalaw nivvintaw l-inkwiet! Ghajb ghal min joholqu!
George Calleja
Dec 5th 2012, 12:38
Veru qeghdin sew! L-Ewropa tapprova l-budget, il-gvern japprova l-budget, l-oppozizzjoni taccetta l-budget u se tinkorporah jekk tigi eletta, il-poplu jrid li l-budget jghaddi.....IMMA il-kapriccuz Franco Debono jinsisti li se jivvota KONTRA l-budget!! Waqt li pajjizi ohra mgharrqa fl-inkwiet, ahna nixxalaw nivvintaw l-inkwiet! Ghajb ghal min joholqu!
George Calleja
Dec 5th 2012, 12:37
Veru qeghdin sew! L-Ewropa tapprova l-budget, il-gvern japprova l-budget, l-oppozizzjoni taccetta l-budget u se tinkorporah jekk tigi eletta, il-poplu jrid li l-budget jghaddi.....IMMA il-kapriccuz Franco Debono jinsisti li se jivvota KONTRA l-budget!! Waqt li pajjizi ohra mgharrqa fl-inkwiet, ahna nixxalaw nivvintaw l-inkwiet! Ghajb ghal min joholqu!
Eddy Privitera
Dec 5th 2012, 11:25
The proof of the pudding is in the eating ! GonziPN is renowned for not meeting forecasted revenue figures.Of course, this time Gonzi knows he may not have to answer for any failures in this regard ! This is why I am convinced that the figures of revenue from various sources, estimated for 2013, HAVE BEEN INFLATD ! Time will tell.
Mr phil sam
Dec 5th 2012, 11:17
It seems as though the budget, has already been accepted by some shopkeepers. The price of cigarettes and other tobacco products have already gone up.
Richard Caruana
Dec 5th 2012, 11:31
Increases in fuel and tobacco duty are immediate, i.e. as soon as the budget is presented, to avoid hoarding.
Neil Dent
Dec 5th 2012, 11:54
It's not really accurate to blame the shopkeepers - excise increases such as those on tobacco, fuel, cement, etc are always implemented immediately after budget day (like it or not), regardless of whether the budget is eventually approved in Parliament or not.
Joe Vella
Dec 5th 2012, 10:19
Please Franco... vote against the budget and show the people that you are against people... At this point it's not about Oligarchy, not about Austin Gatt, not about Gonzi... it's about YOU..... it's your turn to do a Santata... (i.e. What Sant did in 1998)
Eddy Privitera
Dec 5th 2012, 11:32
Joe Vella. Lawrence Gonzi knew this was going to happen. So did Tonio Fenech. So your question should have been: Why did they insist in wanting to present a budget they knew it wasn't going to pass ?? Why had they refused to listen to the many appeals by ALL the social partners and the media, to hold an electio much earlier in the year ??
Joe Vella
Dec 5th 2012, 10:15
According to PL, GonziPN made excessive debts, 5 Billion, Well I prefer 5 Billion Debt with the local people than 5 Billion with International Financing Institutions.
With 5 Billion - Maltese jobs where protected....
What's best to have 200 Million in the box = no work or 5 Billion dues to Maltese = Work as you please??
Joseph Grech Attard
Dec 5th 2012, 11:16
The BEST is to have money in th box together with jobs. This is not easy, but not impossible. Who said the €5 billion debt was made to create jobs? Just look at the Audit report, the monstrous salaries of certain individuals, the uselss projects of citygate, etc and then decide where some of those €5 billion have gone. And these, sometime or other, have to be paid back, whether locally or not!
Richard Caruana
Dec 5th 2012, 11:33
You should have added that interest on such local debts are paid out to Maltese institutions and individuals who have thus indirectly invested in their own country.
Those countries which had to resort to bailouts will be paying the money back with interest to foreigners.
Mario Camilleri
Dec 5th 2012, 11:42
@Joe Vella,
"200 million" - firstly the currency was LM and secondly the amount was around Lm456m hence that amounts to €1,062,194,269 = a surplus not debt of over €1.06 billion = more than 1/5 of today's debt.
"Work as you please" - where at Smart City? Sea Malta? Air Malta? GO? Malta Shipyard? or maybe the latest with Odebrecht, the Brazilian company mentioned by your PM? Ħallina man!!
A. Sultana
Dec 5th 2012, 13:42
Mario you might be right but with 1 billion in surplus the country's infrastructure was falling apart... literally!
ian ciappara
Dec 5th 2012, 10:05
.......seems like we are doing somehting right!
HENRY FENECH AZZOPARDI
Dec 5th 2012, 10:05
Another certificate for Malta. We know where we stand with the PN. Is it worth risking the PL in Government when it does not even have the decency to make its own budget on the excuse of continuity. My remark is only directed at those Nationalist supporters who feel let down by the PN. The national interest should be at stake. Just vote for the party and out vote that particular individual.
Eddy Privitera
Dec 5th 2012, 11:36
Henry Fenech Azzopardi: Remember last year's budget ? How long did it take for the EU to order Lawrence Gonzi to reduce €40 million from the budget ? Listen to Dr. Muscat this evening and you'll learn quite a few things about GonziPN's budgets !
anthony sultana
Dec 5th 2012, 10:00
Actually good Budgit dosen't exist.Hear why: Someone have to make good for others that are less good.Start from the poor that they work so hard to make a living, what did they get 4 euros a week, is not even enough to buy 500 gram of fish [ vopi ] . On the other hand ,rich people will get more bonuses and social benefits than the poor hard working people.This system will create division among people.
Carmel Gatt
Dec 5th 2012, 11:57
Lateral solution. Poor people should not work hard. Ever seen a rich person working hard? Maybe that's how they became rich.
Please choose the reason of your report below: