Tonio Fenech's statements 'irresponsible'

Statements by the former Finance Minister about Malta’s public finances and their implication for the excessive deficit procedure at a time when the issue was being negotiated with the European Commission were irresponsible, the Finance Ministry said.

It said in a statement: “Tonio Fenech’s irresponsible claims can only weaken the country’s position at the negotiating table at a crucial stage of the process, and go against the national interest.

“Mr Fenech’s statements are worrisome on several counts, not least among them being his suggestion that the Maltese government somehow willingly wants to be in breach of EU rules on the 2012 deficit.”

The ministry said Mr Fenech and the Nationalist Party were doing their best to shrug off responsibility for the financial situation they put Malta in passing the buck on to the new government which now had to account for it with the European Commission.

“The Treasury’s consolidated financial statement shows clearly that Malta ended 2012 with a deficit of €342 million, a far cry from the €145 million the previous administration had projected for that same year.

“The accrual system of accounts undertaken by the Treasury according to agreed EU approved public accounting standards and finalised by the NSO according to Eurostat’s ESA 95 were carried out in the most professional manner. These figures, which include, the 3.3 per debt deficit figure for 2012, were also approved by Eurostat. This is the same for the debt figures.”

The ministry said the new Government was committed to keeping its public finances under control so as to reach its deficit target. It was likewise committed to keep to its electoral programme.

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