The more things change, the more...

It is somewhat amusing how every time an institution comes out with a favourable report on Malta, the two main political parties immediately attempt, each in its own way, to take the credit for it. In their frenetic urge to score political goals, they even often forget that, besides the politicians, there are other stakeholders in the country that deserve credit for any improvement made.

Notwithstanding Joseph Muscat’s repeated pledge before the election that Labour planned to do things differently, in fact it can well be said that, as the saying goes, the more things change the more they remain the same. No sooner had the International Monetary Fund publish a report giving the country a clean bill of health than the Labour Party quickly released a statement patting the Government on the back and making a declaration that is audacious, misplaced and incorrect.

In saying that the Muscat Administration is giving the country a responsible economic direction, it is inferring that the government headed by Lawrence Gonzi did not. That is, of course, a claim that is disproved by the string of foreign organisations that have been praising Malta for its ability to escape the worst effects of the financial and economic crisis abroad.

At least up to now, the new government has not introduced any new direction and since the course followed by the Nationalists has stood Malta well it would be wrong if Labour were to dabble with new directions just for the sake of being able to say that it is doing its governing stint its own way.

Going beyond the parochial stand usually taken by the political parties in their bid to impress and, as already remarked, score political goals, it is astonishing too how they also invariably avoid bringing up the warnings the institutions or agencies give in their overall assessments. And if they do, they do so only superficially.

For example, in its latest report, the IMF remarks that tax revenue projections in this year’s Budget appear optimistic. Does not such comment call for a well-grounded reaction, more so when the Government has gone ahead with the Budget proposal for a cut in income tax?

The European Commission feels the sustainability of public finances remains at risk in the long term.

Are not these matters that deserve greater analysis? The truth is there is too much self-praise in politics.

Yet, as the IMF has pointed out so well, it is most creditable for the island’s economy to have shown such a “remarkable resilience” in the face of widespread economic adversity.

Much of the talk during the election campaign made Malta appear as if it were located somewhere far, far away from the European economic turmoil.

Confirmation by a number of organisations that the situation in Malta’s banking system bears no comparison with that in other countries that are going through upheavals is most welcome too, though this was obvious to keen economic observers.

However, the country has also to come to grips with matters that are politically unpalatable.

The two parties have made commitments in their political campaigning that many would not consider to be to the country’s advantage in the long term and the sooner the parties admit this the better it would be for all.

All the favourable reports about Malta in recent days are very welcome but they are no guarantee that the situation cannot change, which is why it is doubly important for the country to be on its guard.