Il-Ministeru tal-Finanzi jinnota b’sodisfazzjon il-klassifikazzjoni aħjar li l-aġenzija internazzjonali tal-klassifikazzjoni tal-kreditu, Standard and Poor’s, tat lil Malta meta rrevediet il-prospettiva ta’ Malta ’l fuq, minn stabbli għal pożittiva, filwaqt li rriaffermat il-klassifika ġenerali tagħha ta’ BBB+.

 

Meta kien qed jikkummenta dwar ir-rapport, il-Ministru tal-Finanzi, Edward Scicluna, qal: “Id-deċiżjoni ta’ Standard & Poor’s li ttejjeb il-prospettiva għal waħda pożittiva tirriafferma r-riżultati tajbin ħafna tal-ekonomija tagħna u tawgura tajjeb għas-snin li ġejjin. Ta’ sodisfazzjon partikulari hija r-rimarka tagħhom dwar is-suċċess tal-Gvern fir-riforma ta’ setturi ewlenin, prinċipalment dak tal-enerġija, u l-isforzi konkreti biex tiġi ddiversifikata l-ekonomija. Ninnutaw b’sodsfazzjon ukoll il-kummenti favorevoli rigward l-esponiment baxx ta’ Malta għall-Greċja, meta l-aġenzija stqarret li dak li qed jiġri fil-Greċja mhux se jkollu effett determinanti fuq il-profil tal-kreditu ta’ Malta.”

 

Fl-aħħar rapport tagħha, Standard & Poor’s innutat it-tkabbir ekonomiku b’saħħtu li seħħ fl-2014 u esprimiet il-fehma tagħha li dan ir-ritmu se jissokta fis-snin li ġejjin, bit-tkabbir ekonomiku ta’ Malta jkun ogħla minn dak taż-żona tal-ewro. L-aġenzija tistenna li dawn ir-riżultati pożittivi se jkunu sostnuti minn influss qawwi ta’ investiment. Standard & Poor’s tagħraf ukoll id-diversifikazzjoni tal-ekonomija tagħna, b’mod partikulari fil-qasam tat-turiżmu mediku. Dan jikkonferma l-viżjoni tal-Gvern li jesplora setturi ġodda li jistgħu jagħtu lil Malta vantaġġ kompetittiv u jsostnu l-mudell ta’ tkabbir tagħna.

 

Huwa wkoll pożittiv li wieħed jinnota r-rimarki li għaddiet l-aġenzija tal-klassifikazzjoni tal-kreditu dwar it-tnaqqis ta’ 25 fil-mija tal-kontijiet tad-dawl.  Standard & Poor’s  innutat ukoll il-fatt li l-pagi reali f’Malta qed jiżdiedu, u li dan se jissarraf f’kapaċità tal-akkwist ogħla għall-Maltin. Dawn il-fatturi, flimkien ma’ rata ogħla ta’ okkupazzjoni u parteċipazzjoni usa’ min-nisa b’riżultat tad-diversi inizjattivi li ttieħdu biex jiffaċilitaw u jħeġġu lin-nies jimpenjaw ruħhom biex jaħdmu, se jkomplu jagħtu spinta lill-konsum privat. Anki l-esportazzjoni, megħjuna minn riżultati b’saħħithom fil-qasam tat-turiżmu, mistennija tikkontribwixxi b’mod pożittiv għat-tkabbir ekonomiku.

 

Standard & Poor’s ikkummentat ukoll dwar il-finanzi tal-Gvern, u kkonfermat ix-xejra ta’ tnaqqis kemm tad-defiċit tal-Baġit kif ukoll tal-proporzjon tad-dejn. Hija tal-fehma li l-konsolidament baġitarju ta’ Malta se jibqa’ għaddej fis-snin li ġejjin, prinċipalment minħabba introjtu ikbar li jirriżulta mit-tisħiħ tad-domanda interna u minħabba tnaqqis fin-nefqa. L-aġenzija tal-klassifikazzjoni tal-kreditu tbassar li l-proporzjon tad-dejn se jinżel għal 62.8 fil-mija fl-2018.

 

Il-kummenti ta’ Standard & Poor’s dwar “il-prospetti tat-tkabbir ekonomiku ta’ Malta, prospetti esterni solidi … u l-konsolidament baġitarju gradwali, li se jitfgħu lit-trajettorja tal-proporzjon tad-dejn tal-Gvern meta mqabbel mal-PDG fuq perkors kontinwu ’l isfel” huma tabilħaqq inkoraġġanti.

 

Standard & Poor’s Upgrades Malta’s Outlook

The Ministry for Finance notes with satisfaction the updated ratings by international credit rating agency Standard & Poor’s, whereby the agency has revised Malta’s outlook upwards from stable to positive while re-affirming its overall rating at BBB+.

 

Commenting on the report, Finance Minister Edward Scicluna remarked: “Standard & Poor’s’ decision to upgrade the outlook to positive re-affirms the solid performance of our economy and prospects for the upcoming years. Of particular satisfaction is their remark about the Government’s success in reforming key sectors, mainly the energy sector, and the concrete efforts to diversify the economy. We are also pleased to note the favourable comments in relation to Malta’s low exposure to Greece, with the agency stating that events in Greece will not have material bearing on Malta’s credit profile.”

 

In its latest report, Standard and Poor’s noted the strong economic growth performance in 2014 and expressed its view that this momentum is set to continue in the coming years, with Malta’s economic growth outpacing that of the Euro Area. The agency expects this positive performance to be sustained by a strong inflow of investment. Standard & Poor’s also acknowledges the diversification of our economy, particularly in medical tourism. This confirms Government’s vision to explore new sectors that can give Malta a competitive edge and sustain our growth model.

 

It is also positive to note the remarks by the rating agency about the cuts that reduced electricity charges by 25 per cent. It also noted the rising real wages in Malta, which will translate into higher purchasing power of the Maltese. These factors, coupled with an increased employment rate and broader female participation thanks to the various initiatives that were implemented to facilitate and encourage work effort, will continue to boost private consumption. Exports, helped by a strong performance in the tourism sector, are also expected to contribute positively to our economic growth.

 

Standard & Poor’s also commented on public finances, confirming the downward trend of both the budget deficit and the debt ratio. The agency believes that Malta’s budgetary consolidation will continue in the coming years, primarily owing to increased revenue from strengthening domestic demand and a decline in expenditure. It expects the debt ratio to decline to 62.8 per cent in 2018.

 

Standard & Poor’s comments on “Malta’s economic growth prospects, solid external prospects … and gradual budgetary consolidation, which will place the government’s debt-to-GDP trajectory on a steady downward course” are indeed encouraging.

 

                      

 

Saturday 11th July 2015