The ratings upgrade given to Malta by an important ratings agency last week meant that Malta under this government had been promoted to Serie A, Prime Minister Joseph Muscat said this morning.
He said the upgrade to A- by ratings agency Standard and Poor's, the first upgrade in 20 years, would yield investment and lower borrowing costs, saving the government some €50 million which in turn would translate into higher living standards.
An improved economy meant better living, and that was why this government was pro-business, Dr Muscat said when speaking at Marsa Labour Party club.
Malta Enterprise last year approved 45 investment projects, creating hundreds of jobs, and Malta's problem now was about finding the right people to fill vacancies.
Last week the government took another step in improving the business environment by removing the requirement for a trading licence. This meant savings and faster business start-ups. Government procurement rules had also been changed, making it easier for small companies to bid for contracts.
The government, he said, would continue to grow the economy and ensure the benefits were enjoyed by all.
The energy roadmap, he said, had been central in boosting the economy. The biggest advance was to separate local power tariffs from the international oil price. Current international oil prices were the highest in a year. Under the PN policy, that would mean higher prices would need to be announced in the Budget, he said.
But under this government's policies, Maltese consumers would continue to pay low tariffs.
Under this administration, the government did not take from the people in the Budget, but actually handed back, Dr Muscat said.
Dr Muscat asked if a new PN government would remove the LNG tanker from Marsaxlokk should it be elected in 18 months' time. That, he said, would mean a return to high bills. It would also mean a return to the use of heavy fuel oil and to pollution.
Dr Muscat said that under EU law, all EU ports had to have an LNG facility, something which Dr Busuttil did not seem to know about. Would he go against this directive?
ACTION AGAINST TONIO FENECH, BEPPE FENECH ADAMI
The Opposition leader, he said, was chasing windmills when he should really be minding what went on around him.
He said he did not wish to influence developments, such as how the Swedish police had been asked to investigate Tonio Fenech and a pensions company he was a director of. The company was allegedly involved in fraud and had a pensions black hole.
Nor did he wish to comment on how Beppe Fenech Adami's directorship in a company allegedly involved in money laundering. The PN deputy leader had claimed he was not paid for his role, but had assumed responsibility, Dr Muscat observed.
What would Dr Busuttil do about these cases?
Former Labour Party official Joe Cordina had also been a fiduciary company director and the PN had called for his resignation (during the oil procurement scandal). Mr Cordina promptly resigned and did not contest the general election.
"What's good for the goose is good for the gander," Dr Muscat said.
A SOCIAL BUDGET
On the Bugdet, Dr Muscat said the exercise would not be any different from the past, but would be another step in a roadmap for the creation of a new middle class. The government would seek to help those sections of society that had not been adequately helped so far, including pensioners, those dependent on social benefits, and those with a low income who were pressured by rent.
This, therefore, would be a 'social budget' mindful of those most in need, he said.
He said social benefits could not have been improved earlier, before creating the necessary wealth. That would have seen the country relegated to Serie C instead of being promoted to Serie A.