Eurozone finance ministers have recognised that Malta has taken additional measures within its own budgetary process to address the risk of non-compliance with the rules of the Stability and Growth Pact, the government said yesterday.

The assessment was delivered during a meeting of the Eurogroup held in Brussels on Friday to assess member states’ draft budget plans.

During the meeting, Finance Minister Edward Scicluna informed his counterparts of the measures undertaken during the budgetary process and in particular the 2014 Budget to consolidate Malta’s fiscal situation.

While admitting that Malta’s deficit forecast was at odds with the European Commission’s 2013 autumn deficit forecast, Prof. Scicluna noted that the discrepancies outlined mainly originate from elasticity estimates in the Commission projections, as compared to the ministry’s own fiscal performance reports.