Finance Minister Prof. Edward Scicluna welcomed the European Commission’s conclusion that Malta has taken effective action to address the budget deficit and no further steps in the excessive deficit procedure are needed at present.
Prof. Scicluna was speaking during a press conference held at the Ministry for Finance on Friday 15th November, during which he addressed the points raised in three separate documents published by the European Commission earlier that day.
These are the Commission’s Assessment of the Economic Partnership Programme, the Assessment of the Report for Real Effective Action, and the Assessment of the Draft Budget 2014, as submitted by the Government to the Commission in October.
All the assessments were made prior to presentation of the Budget 2014 in Parliament.
Reacting to the Council Opinion on the Economic Partnership Programme, Prof. Scicluna welcomed the Commission’s conclusions, noting that this means that Malta succeeded, once again, in avoiding disruptive corrective measures imposed by the EU.
[nggallery id=161]
He also noted the Commission’s conclusions that the Government’s proposed measures with regard to public finances are “broadly adequate and could be expected to contribute to the strengthening of the public finances”.
Prof. Scicluna also welcomed the Commission’s remarks that the ongoing spending review will allow the Government to reduce and contain expenditure while also making inroads into more growth-friendly public spending.
With regard to the Commission’s remarks on pension sustainability, Prof. Scicluna underlined that while the Government remains committed to retaining the current pension age, it is introducing the third pillar pensions while considering other more long-term solutions.
Prof. Scicluna especially welcomed the Commission’s recognition of the Government’s efforts to restructure state-owned enterprises (Air Malta and Enemalta) so as to “improve their financial performance and in turn reduce the contingent liabilities on the government finances.“
Prof. Scicluna noted the Commission’s positive remarks regarding the Government’s direction to implement a shift from direct to indirect taxation within the Budget 2014, which the Commission noted “could encourage job creation and improve the growth-friendliness of the tax system.”
Prof. Scicluna also noted that, as part of its assessment of the Draft Budgetary Plan, the Commission noted that the Government’s forecasts are “cautious for 2013 and plausible for 2014”, and that “the scenario could turn out better than expected.”
Prof. Scicluna also explained the technical reasons why Malta and Brussels are at odds regarding the deficit forecast for 2013 and 2014.
He noted that this is due to how, thanks to overly-optimistic revenue projections by previous administrations, the Commission is sceptical that Malta’s indirect revenue projections will materialise, and consequently adopted a more cautious projection.
The Commission specifically defends its pessimism with regards to future risks of Maltese government expenditure slippages by its “previous years’ experience” or because these have “frequently occurred in the past”.
Prof. Scicluna noted that during the coming week the Commission will be in a position to analyse the Budget 2014 documents in more detail.
“I am confident that once the Commission gets the chance to review the full Budget 2014 documentation with its various growth-friendly measures, they will be able to confirm that the Budget we have presented goes a long way in meeting the country’s economic and financial objectives.” Prof. Scicluna concluded.
– Saturday, 16th November, 2013
33 responses to “Commission concludes that Malta’s Deficit Reduction Action is effective and no further action required”
mexican rx online: mexico pharmacy – buying prescription drugs in mexico online
buying prescription drugs in mexico online
https://cmqpharma.online/# mexican rx online
mexican rx online
reputable indian online pharmacy: indian pharmacy paypal – top 10 online pharmacy in india
canadian pharmacy ltd cheapest pharmacy canada canadian online pharmacy
https://foruspharma.com/# mexico pharmacies prescription drugs
india online pharmacy online pharmacy india cheapest online pharmacy india
cheapest online pharmacy india: best online pharmacy india – buy prescription drugs from india
best canadian pharmacy online best canadian pharmacy online the canadian pharmacy
reputable mexican pharmacies online: mexican online pharmacies prescription drugs – purple pharmacy mexico price list
http://foruspharma.com/# mexican border pharmacies shipping to usa
mexico pharmacy: buying prescription drugs in mexico – pharmacies in mexico that ship to usa
canada drug pharmacy: best canadian online pharmacy – northwest pharmacy canada
indian pharmacy online shopping pharmacy india india online pharmacy
canadian pharmacy meds: canadian pharmacy meds – canadian pharmacy no scripts
canada drugs online review: best mail order pharmacy canada – canadian pharmacy prices
https://canadapharmast.online/# canadian drugs pharmacy
canadian family pharmacy: pharmacy canadian superstore – pharmacy in canada
https://clomiddelivery.pro/# can i get cheap clomid without prescription
https://clomiddelivery.pro/# can i get generic clomid no prescription
paxlovid buy: paxlovid for sale – paxlovid pill
https://amoxildelivery.pro/# buy amoxicillin online cheap
where to buy clomid tablets: how to buy clomid without rx – how to get generic clomid without insurance
http://doxycyclinedelivery.pro/# doxycycline online paypal
http://ciprodelivery.pro/# buy cipro
paxlovid pill: paxlovid price – buy paxlovid online
https://amoxildelivery.pro/# amoxicillin 500 mg online
doxycycline in mexico: buy doxycycline online nz – doxycycline minocycline
http://ciprodelivery.pro/# where can i buy cipro online
http://amoxildelivery.pro/# canadian pharmacy amoxicillin
odering doxycycline: doxycycline price singapore – doxycycline capsules 100mg price
https://amoxildelivery.pro/# can you purchase amoxicillin online
cost of clomid no prescription: cost of cheap clomid pill – clomid sale
order clomid price: can you get clomid pills – can i purchase generic clomid