It is wrong to make a passport scheme, in whatever shape it takes, appear as if it is the next best way to generate economic activity. It may very well be an easy way of getting cash but surely it could well turn out to be counter-productive if it is made out to be the single most-important pillar of the island’s strategy to boost growth.

Malta ought not to give the impression that it is short of ideas how to generate growth, as Joseph Muscat is indirectly doing by constantly trumpeting to the four winds the economic value of the cash-for-passport scheme.

In this sense, besides downgrading the intrinsic value of Maltese and European citizenship, the government is also devaluing, to some extent, at least, the people’s ability to sustain existing lines of economic activity and breaking into new grounds. In other words, the citizenship scheme should not be made to appear as if it is going to be the island’s lifeline for growth.

While the controversy over the scheme is perfect fodder for the two main political parties in the run-up to the Euro-Parliamentary elections in May, Malta is unlikely to gain anything in terms of esteem, attention and advantage if the battle of words between the two parties gets stronger or virulent. In the wash of the controversy, the latest credit rating report by Standard and Poor’s has barely made an impact, though the government lost no time in giving its reaction to its positive assessment.

Reports by credit rating agencies only make an impact when they are negative, usually prompting endless recrimination. Reaffirming Malta’s ratings, Standard and Poor’s said the new government started its legislative session with progress on a long-standing reform agenda, particularly in the energy sector. This is indeed the linchpin of the government’s programme, one that considerably boosted its chances of getting elected with a wide margin.

It will not be long now before the government is expected to deliver on this promise and it remains to be seen by how much exactly the consumer’s energy bill is going to be reduced.

The agency’s report speaks of Malta’s “prosperous economy” and says that growth should help the government to stabilise its finances through rising tax revenues. However, Standard and Poor’s still forecasts growth to remain lower than before the onset of the 2008 financial crisis and fiscal space strained by general government gross debt of 73 per cent of gross domestic product.

When it comes to assessing the financial outcome, the agency said it expected the government to record a deficit that would be slightly higher than its 2.7 per cent of GDP fiscal target for 2013. It also shares the views of others, including the European Commission, that the deficit will remain marginally behind its targets in the 2014-2016 period.

Hopefully, the government will prove the agency and the Commission wrong so that the country will finally start getting its financial house in order.

Raising economic growth is never easy but if the expected recovery in Europe takes root, the prospects for the island’s export drive may turn out to be better than those of last year.

Frittering away energy on controversies such as that over the passport scheme does not help, particularly if they affect the island’s attractiveness as an investment location. Lively political debate is par for the course in a democracy but striking the right balance and showing greater restraint in the words used will make life easier.