Prime Minister Robert Abela said Malta has reached its fiscal targets “well ahead of time”, following confirmation by the European Commission that the country brought its deficit below 3% of Gross Domestic Product.
According to the Office of the Prime Minister, Malta’s deficit fell to 2.2%, compared with the European average of 3.1%. The European Commission has now formally written to the European Council recommending that Malta be removed from the excessive deficit procedure.
Addressing a press conference at Castille, Dr Abela said the result was achieved after the government chose to “invest in people” rather than respond with austerity during the pandemic. He said this approach provided certainty, stability and peace of mind.
The Prime Minister also said the government would use the stronger fiscal position to implement its work programme, including increased maternity and paternity leave, more support for first-time buyers, higher pensions, a €1,000 annual Super Bonus for workers, further IVF investment, support for parents of children with disabilities, help for young workers and start-ups, and new national parks at White Rocks and Manoel Island.
Finance Minister Clyde Caruana said Malta reached the target in two years, despite being given four years.
Follow News Of Malta 🇲🇹 for the latest stories and updates.
