The Pre Budget Document 2015 embodies the Government’s commitment to ensuring that the whole of society can benefit from the economic stability and successes achieved so far.
Titled ‘Creating Opportunities, Not Dependencies’, the document lays out the government’s vision for the upcoming Budget 2015, which will look towards ensuring that social welfare reflects the government’s objective of creating opportunities while discouraging dependencies. At the same time, sustainable social protection will be guaranteed.
During the Pre Budget Document 2015 launch, the Minister for Finance Prof. Edward Scicluna underlined that the Government’s commitment to achieving macro-economic stability, and to ensuring a higher level of certainty for local and foreign investors, has paid off in terms of growing business activity, job creation and higher consumption.
He noted that during the past year, the Maltese economy enjoyed robust economic growth, with record growth rates in employment, declining unemployment rates, a reduction in the cost of living, and higher valued added recorded by the majority of industries.
He added that on the fiscal side, the Government is also delivering on its promise to rein in the deficit well below 3 per cent and is also gradually reducing the debt ratio toward 60 per cent benchmark. This will assisted by the introduction of greater fiscal discipline by means of the Fiscal Responsibility Act.
[nggallery id=208]
Prof. Scicluna also explained that besides remaining committed to a growth-oriented strategy through the ‘making work pay’ principle, the Government intends to extend this approach into the social policy area by ensuring that the welfare system guarantees the necessary level of social protection, while minimising the dependency effect.
“The Government will be looking towards initiatives intended to create clear incentives for individuals to work and contribute to society and to encourage them to steer away from dependency, whilst ensuring the attainment of value for money in public expenditure, as well as the long term sustainability of social protection in Malta.”
“We are confident that, in partnership with key stakeholders in our country and civil society in general, we can continue to create a society that empowers and creates the right opportunities for all,” Prof. Scicluna said.
– Wednesday, 3rd September, 2014