Finance Minister Tonio Fenech this evening presents his first budget as finance minister.

The budget, which will also be the first for this legislature, is expected to home in on measures by the government to counter the impact on Malta of the global economic slowdown. The minister has already indicated that the government will boost spending on tourism, one of the sectors expected to be hit hardest by the current turmoil.

Figures to be issued with the Budget are expected to show that deficit reduction targets were not achieved this year and economic growth is expected to slow down next year, although it will still be above that in most countries of the eurozone.

Generous tax cuts are not expected, but the government is set to announce measures to encourage energy savings and the use of alternative sources of energy in the wake of the increase in the utility tariffs.

The minister rises to deliver his speech at 6.30 p.m.

timesofmalta.com will be carrying a detailed report of the budget speech this evening. The Times tomorrow will carry a detailed report including analysis.

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