Credit agency Standard & Poor’s notes that the new Government is progressing with a wide-ranging reform programme to tackle issues – some of which have been persisting for a number of years – such as the energy sector which is being addressed through a clear plan which has been long overdue.
The agency says that, despite all difficulties, the Maltese economy is strong and is giving results which outpace other Euro zone economies.
Standard and Poor’s clearly declares that Malta’s financial system is stable through a well-regulated banking sector which has a strong capital base and is making a profit.
However Standard and Poor’s also points out what needs to be done for the country to keep on moving forward. The credit agency mentions the need to put Government finances back on a sound and sustainable footing. It also refers to the need for the country to address Enemalta’s financial losses by successfully implementing the Government’s plan for the energy sector. Standard and Poor’s stresses on the importance of an increasing participation of women in the workforce. The new Government welcomes the fact that these recommendations are an integral part of its reform strategy and is actively addressing them.
Standard and Poor’s decision to confirm Malta’s credit rating is a positive result for the country. A result which should encourage us to address the challenges ahead while striving to sustain stability, incentivise investment and create more employment for the wellbeing of all.
– Saturday, 20th July, 2013.