The Prime Minister this evening announced plans to set up a number of new institutions for stronger scrutiny.
He said that a motion will be presented in Parliament next week for the setting up of a parliamentary economic and financial committee.
A bi-partisan commission will be set up to discuss which economic sectors have the potential for further growth. The Opposition has already agreed to participate.
An Independent Fiscal Council will also be formed, as in practically all EU countries, for yet more scrutiny.
Speaking during the Budget debate, Dr Muscat also announced a number of initiatives to be taken before the summer.
He said a formal call will be issued for creative ideas for an economic and infrastructural boost for the country. Those having ideas will be able to submit them in a structured and transparent manner.
A public call for expressions of interest will be issued in the coming days for the new power station, which the government was very confident in. The private sector interest in this project was already overwhelming, Dr Muscat said.
He said the private sector would be invited to participate in the development of a cruiseliner terminal and yacht marina in Gozo which would transform the economy of the sister island.
The government was also inviting the private sector to take up an offer for two new casino licences, one of which would replace the one withdrawn from the Casino di Venezia. The second casino should preferably be set up in Gozo.
The private sector would also be invited to develop the site of the former Marsa Shipbuilding for marine related activities.
Another project open for private investment would be land reclamation for innovative use.
Dr Muscat also announced that Mepa tariffs would be reduced, easing a burden on families and developers.
The Permanent Reisdence Scheme was also being revamped.
"Our message to all private investors is that we mean business. We will create the space needed by private investors to operate in,” he said.
Earlier, Dr Muscat said when speaking during the Budget debate that the Government would be honouring the collective agreements reached by the previous Administration during the electoral campaign.
However talks should be held for a system which would preclude all governments, including the present one, from signing collective agreementsor taking major decisions during electoral campaigns.
A caretaker government would be just that.
The Prime Minister started his speech by paying tribute to Opposition leader Lawrence Gonzi, who was, he said “a loyal and correct adversary” who did what he felt was best for the country.
(See more details in the live report above)