10 years ago - The Times
Monday, November 3, 2008
Economists say let the economy grow
Economists have called on the government to ditch its fiscal surplus target to help the economy through the bumpy ride ahead, but while another analyst, Edward Scicluna, agrees in principle he warns we are already wildly off target after expenditure ballooned earlier this year.
“While macro-economic policy would normally suggest such a move (borrowing to boost the economy) the government is quite restricted in what it can do,” he says.
Prof. Scicluna had warned that the government’s targets were unrealistic last year and reiterated last August that we could end with a shortfall of up to €185 million in 2008 – some €117 million off projections.
Contacted yesterday, he said: “It is turning out to be much worse than I expected. Last year I considered the revenue projections as too optimistic and as a result the 1.2 per cent deficit to GDP target could not be reached this year. Little did I think that expenditure could explode in such a manner.
“All that has been built painfully since 2004 has been unravelled in three quarters. We have not only exceeded the 1.2 per cent target but gone well beyond the three per cent Maastricht criterion. Our public finance shortfall on a rolling year basis now stands at 4.3 per cent of GDP.”
25 years ago - The Times
Wednesday, November 3, 1993
Hunters told to boycott council elections
The Association for Hunting and Conservation has called on its members to boycott the November 20 local council elections in protest against new hunting regulations that the government will introduce on January 1.
The association yesterday also called for the resignation of Parliamentary Secretary for the Environment Stanley Zammit; the transfer or removal of all his aides who were involved in the drafting of the new regulations; and for a review of the regulations which the association finds unacceptable and “vindictive” against hunters.
Witnesses testify in Lorry Sant’s case against MLP
More evidence was heard yesterday afternoon in the case instituted by former Works Minister Lorry Sant against the members of the Labour Party’s Vigilance and Disciplinary Board and against the MLP.
The case is being heard by Mr Justice Joseph Said Pullicino, presiding over the first hall of the civil court.
Half a century ago - Sunday Times of Malta
Sunday, November 3, 1968
Prime Minister leaves on four official visits
The Prime Minister G. Borg Olivier left yesterday on a 28-day official visit to the Republic of China, Japan, India and Singapore at the invitation of the respective governments of their countries.
Dr Borg Olivier was accompanied by J. Spiteri, Minister of Trade, Industry and Agriculture; F. E. Amato Gauci, Secretary, Ministry of Commonwealth and Foreign Affairs; P. J. Naudi, Director of Information and George Borg, the Prime Minister’s private secretary.
Students start penny stunt
His Excellency the Governor General, Sir Maurice Dorman, yesterday morning officially opened the penny stunt – one of the main items in the national students’ charities campaign – by placing a bag of pennies on the opposite platform at Kingsgate, Valletta.
Lino Agius, president of the NSCC, said that this year’s charity campaign was being carried out jointly by the students of the Royal University of Malta, St Michael’s College of Education, the Mater Admirabilis College of Education and the Malta College of Arts, Science and Technology.