The government has lauded a glowing economic report on Malta drawn up by the International Monetary Fund, saying it was the result of well-planned policies.

The IMF report revised the 2016 economic growth in Malta from 3.5 per cent in January to four per cent. Likewise, the deficit forecast has been reduced from one per cent to 0.6 per cent.

The report said: "Malta’s economic growth has been exceptionally strong"  and noticed the robust employment growth and an improvement in public finances, which is the result of “sound policies”.

This success is expected to prevail in the coming years, contradicting the Opposition leader's claims that the economy is not doing well, the government said in a statement.

The IMF economists praised the government's spending reviews as well as the Enemalta restructuring, adding that the recent steps to reform the pension system are commendable. The IMF also lauded the setting up of the Malta Development Bank, which is bound to help SMEs.

"Like the IMF, the government is convinced that it can maintain the growth in the economy. The government is committed to ensure that wealth reaches everybody."

Finance Minister Edward Scicluna said: “The recognition by the IMF of the government’s economic and financial policies as ‘sound’ and as having led to robust employment growth and an improvement in public finances is the best compliment one can ask for.”