Updated 5.42pm - Added PL comments
Nationalist Party leader Simon Busuttil promised today that a new PN government would drive the economy to the next generation through sustainable growth.
It would also target a budget surplus every year while reducing the national debt in real terms. A constitutional amendment would be presented to guarantee that the government would have a balanced budget every year, except in exceptional circumstances, such as an international recession.
Dr Busuttil told a press conference that the Muscat government had lacked economic vision and had not created new areas of activity, apart from the sale of passports, and that was further blighted by kickbacks.
A new PN government would grow the economy on the basis of a solid reputation of international respect.
Growth would be based on innovation, the harnessing of the best human resource, access to finance, technology and an attractive working environment.
Important sectors such as financial services, gaming, ICT, pharmaceutical, life sciences, advanced manufacturing and logistics would be consolidated and the regulatory network would be improved where necessary to make it more innovative, dynamic and ahead of competitors.
Sectors such as financial services, ICT and gaming were fearful of a Muscat re-election, because of the reputational harm
A National Economic Council would be set up to advise the prime minister on long-term economic sustainability.
A special envoy would also be appointed to ensure that Malta was prepared for any negative impact of Brexit and, more importantly, for Malta to exploit the opportunities which the UK's departure from the EU could create.
Most importantly, Dr Busuttil said, the economy had to be geared to serve the people, and workers' conditions and pay therefore needed to improve as the economy grew. He said all government workers would retain their jobs while economic growth was expected to generate 30,000 new private sector jobs in five years.
Those currently being given new government jobs now, or better working conditions, should take what was offered to them, he said, but they should not be deceived by Prime Minister Joseph Muscat.
Dr Busuttil said sectors such as financial services, ICT and gaming were fearful of a Muscat re-election, because of the reputational harm that had already been caused. Should these sectors stagnate or worse, there would be a ripple effect on other sectors, such as the rental market, he said. In turn, there was a real risk that many people would not be able to repay the loans taken out on property.
A priority of a PN government, therefore, would be to restore Malta's reputation as soon as possible.
'Proposals make no sense' - PL
In a press conference held in the afternoon, Finance Minister Edward Scicluna slammed Dr Busuttil for the proposals.
"It seems he hasn't understood much of what we've done. We've halved the number of people living in severe poverty. That wasn't because Europe was doing well, it's down to well-planned budgets."
Flanked by Work Minister Evarist Bartolo, Prof. Scicluna ran through some of the government's initiatives which had boosted the labour force before having a dig at the PN's proposal to set up a national economic council.
"It's a good idea, they need advice. Perhaps they should have consulted the advisers before coming up with their proposals, because they risk undoing all the good work that's been done," he said.