Finance Minister Prof. Edward Scicluna discusses the Fiscal Responsibility Act, which he presented recently for its Second Reading in Parliament.

Minister Scicluna underlines that the Act is important because it establishes certain checks and balances on all future Maltese governments to keep public finances on track in an accountable and transparent manner.

He explains that this historic law will mean that governments will have to ensure that taxpayer money is spent in a responsible and sustainable manner, and that the country respects certain deficit and debt targets. It will also ensure that the country’s spending reflects the country’s priorities.

He explains that this Council will be responsible for independently evaluating the government’s spending, and also make recommendations for any corrections or actions that might be necessary.

He emphasises that this Act is intended so that fiscal responsibility and transparency is not something that depends solely on the government of the day, but becomes an integral part and parcel of the way public funds are managed in Malta.

– Friday, 4th July, 2014