While addressing an Investment Managers’ Forum organised by the Malta Stock Exchange, in collaboration with Thomson Reuters, Minister for Finance Edward Scicluna stated that “the reason for the financial services performing so well is that Malta is professional, and has the needed expertise to attract business to its shores.” The forum was addressed by speakers from the Thomson Reuters Company, and was attended by financial practitioners, including fund managers.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

The Minister said that there are greater risks in the financial and iGaming services, but Malta has in place the appropriate legislation. He also stated that, following a National Risk Assessment by a reputable international firm, actions will be taken over a three-year period in order to strengthen the sectors.

Minister Scicluna said that Malta has the standards to attract business organisations from North African countries, and is capable of assisting their development and economic growth.

Wednesday 14th February 2018

“Malta’s competitiveness in having a well-trained workforce and expertise in place and efficient institutions and businesses, is resulting in the success we are registering in the financial services sector”, said Finance Minister Edward Scicluna while addressing members of the Institute of Financial Services Practitioners at an Efficiency and Innovation Conference, organised by the Institute of Financial Services Practitioners (IFSP).

PRESS RELEASE BY THE MINISTRY FOR FINANCE

Minister Scicluna remarked that the recent OECD International Tax Cooperation Report showed Malta to be among the world’s most tax-compliant countries. The report based its assessment on the absence of harmful tax practices in relation to base erosion in general, a strong commitment in relation to tax cooperation, and on the automatic exchange of information. Professor Scicluna said that Malta has commenced exchanging information in line with the Common Reporting Standard and has an activated information exchange network in relation to country-by-country reporting for multinational enterprises. Moreover, Malta is ranked as being largely compliant when it comes to the exchange of information on request.

The Minister for Finance said that one should first conclude the Banking Union and the Capital Markets Union before embarking on other ambitious road maps.

Thursday 15th February 2018

Bi prudenza ngħid li f’Malta, bħal f’kull pajjiż ieħor, il-Ministeru għall-Finanzi huwa wieħed importanti ħafna. Importanza riflessa fil-laqgħat li jkollhom il-Ministri għall-Finanzi fuq bażi ta’ Unjoni Ewropea u anke f’laqgħat mondjali. Importanza li narawha riflessa wkoll fi ħdan il-Kabinett. Hemm ħafna raġunijiet li jwasslu biex tali Ministeru jingħata l-importanza li jingħata.

Biżżejjed jingħad li l-Ministru għall-Finanzi huwa responsabbli għall-ġbir ta’ taxxi mingħand il-poplu. Irid jingħata rendikont għal kull ewro li tinġabar mis-sistema tat-taxxi tagħna. Il-Ministru jrid jara li dawn il-flus jinġabru b’mod ġust u mbagħad jintefqu bl-istess mod. Il-Ministru huwa responsabbli wkoll għan-nefqa tal-Gvern u jrid jara li l-ammont minfuq ma jaqbiżx dak li jkun ippjanat u approvat fil-baġit. Irid jara li d-dejn tal-Gvern ma jikbirx.

Huwa xogħol il-Ministru għall-Finanzi u l-Ministeru tiegħu li jistudjaw

l-impatt li jkun se jkollhom il-miżuri proposti u l-prijoritajiet tagħhom.

Qasam ieħor importanti jikkonċerna l-banek u l-istituzzjonijiet finanzjarji fil-pajjiż. Istituzzjonijiet li jkunu fdati bi flus in-nies, flus li ċ-ċittadini jġemmgħu biex jinvestuhom b’mod għaqli. Istituzzjonijiet li jridu jsegwu regolamenti finanzjarji, regolamenti importanti ħafna, li wkoll jiġu min-naħa tal-Ministeru għall-Finanzi. Regolamenti li l-Ministru għall-Finanzi jkun irid jieħu quddiem il-Parlament biex ikunu diskussi u approvati.

Id-dekasteru tal-Ministru għall-Finanzi jinkludi wkoll l-istituzzjonijiet regolatorji u awtoritajiet finanzjarji ta’ importanza kbira bħalma huma l-Bank Ċentrali, il-Borża u sa ftit taż-żmien ilu anke l-MFSA. Dekasteru li jinkludi wkoll l-FIAU, li hija istituzzjoni unika, fis-sens li tara li ma jkunx hemm ħasil ta’ flus. Istituzzjonijiet li l-importanza li jġorru minnhom infushom jkabbru l-importanza tad-dekasteru tal-Ministeru.

Madankollu, waqt li qed nelenka din l-importanza, dak li rrid nenfasizza llum huwa li l-awtorità li għandu l-Ministeru għall-Finanzi kif riflessa f’dawn l-importanzi kollha,  mhix waħda assoluta, bħalma mhix assoluta dik tal-Prim Ministru. Hemm linji gwidi li jridu jiġu rispettati.

Il-Ministru għall-Finanzi u l-Ministeru tiegħu jridu huma wkoll jirrispettaw ċerti regolamenti finanzjarji. Anzi hija fir-responsabbiltà tagħhom li jimxu fuq u skont dawn ir-regoli finanzjarji, dwar kif issir in-nefqa tal-Gvern. La l-Ministru u lanqas il-Ministeru m’huma  se jivvintaw jew jużaw deskrizzjoni, hemm kważi kważi dak li tista’ ssejjaħlu ritwal ta’ kif isir dan kollu.

Hemm proċess ta’ kważi sena li finalment jwassal għat-tfassil ta’ baġit, li mbagħad ikun irid jiġi approvat mill-Kabinet tal-Ministri u finalment mill-Kamra tad-Deputati, il-Parlament. Imma dan ma jkunx kollox. Il-Ministru għall-Finanzi u l-Ministeru tiegħu jkunu jridu jaraw li l-liġijiet fiskali u monetarji li joħorġu mill-baġit li jkun ġie approvat jgħaddu minn proċess parlamentari ieħor, fejn ikun diskuss dak imsejjaħ Abbozz ta’ Liġi ta’ Implimentazzjoni. B’riżultat ta’ dan ikunu jistgħu jiġu attwati l-miżuri kollha li jkunu tħabbru fil-baġit.

Miżuri li l-Ministru għall-Finanzi jkun irid jirrispettahom, ma jistax jagħmel li jrid. Ma jistax jiċċaqlaq minnhom. Ikun irid jara li dak li jkun se jintefaq ikun dak approvat, xejn iżjed u xejn inqas. Sadattant forsi huwa diffiċli li wieħed jifhem illi mbagħad meta niġu għall-implimentazzjoni tal-miżuri tal-baġit ikunu Ministeri oħrajn li jimplimentawhom u mhux il-Ministeru għall-Finanzi. Nieħdu bħala eżempju l-miżura tal-pensjonijiet. Il-pensjonijiet ikunu disinjati u kalkulati għall-impatt tagħhom mill-Ministeru għall-Finanzi imma meta tiġi għall-implimentazzjoni tagħhom ikun il-Ministeru tal-Familja u tal-Politika Soċjali li jimplimentahom.

Hemm imbagħad il-qasam tal-kuntratti. La l-Ministru għall-Finanzi u lanqas in-nies ta’ madwaru ma jagħtu kuntratti. Fejn jirrigwarda kuntratti hemm dipartiment speċifiku,  id-Dipartiment tal-Kuntratti, li min-naħa tiegħu wkoll għandu regoli x’josserva, apparti trattati tal-Unjoni Ewropea u direttivi tagħha, fosthom dik tal-kompetizzjoni ġusta. Il-Kumitat tal-Kuntratti huwa awtonomu, b’responsabbiltà kbira fuqu li jara li l-affarijiet jimxu sew.

Fil-proċess tat-tfassil tal-baġit kemm il-Ministru għall-Finanzi kif ukoll il-Ministeru jkunu involuti f’ħafna xogħol u laqgħat ma’ Ministri u Ministeri oħrajn. Min-naħa tagħhom dawn iressqu proposti dwar miżuri ovvjament bażati fuq dak imwiegħed fil-Programm Elettorali. Huwa xogħol il-Ministru għall-Finanzi u l-Ministeru tiegħu li jistudjaw l-impatt li jkun se jkollhom il-miżuri proposti u l-prijoritajiet tagħhom.

F’dan l-istadju ħafna mix-xogħol tal-Ministeru għall-Finanzi ma joħroġx fil-pubbliku. Li joħroġ huwa r-riżultat finali, il-baġit. Imma l-mistoqsijiet, diffiċli u pertinenti jsiru mill-Ministeru għall-Finanzi. Ifisser li għalkemm hija fir-responsabbiltà ta’ ħaddieħor x’iressaq, huwa fir-responsabbiltà tal-Ministeru għall-Finanzi li jara u jistaqsi u fejn ikun hemm dubju jittellgħu quddiem il-Kabinett. Kull miżura li tittella’ quddiem il-Kabinett trid tkun għaddiet għall-opinjoni tal-Ministeru għall-Finanzi imma finalment huwa l-Kabinett li japprova jew le.

Dan kollu ikun irid isir qabel jitressaq il-baġit u qabel ikun approvat. La darba jkun approvat xogħol il-Ministru għall-Finanzi u l-Ministeru tiegħu ikun li jara li l-ħlasijiet li jsiru jkunu dawk approvati. Ma jistax jgħid li t-tali miżura ma togħġbux u allura jwarrabha. Huwa fejn se tkun se tinqabeż in-nefqa approvata li l-Ministru għall-Finanzi jista’ juża d-deskrizzjoni tiegħu biex jara jekk dan ikunx ġustifikat li jsir.

Imma ‘l hinn minn dawn il-linji l-Ministru għall-Finanzi, minkejja l-importanza tal-Ministeru, ma jistax imur. Ma jistax jaqbiżhom. Hemm aktar eżempji li wieħed jista’ jikkwota dwar dan. Nieħu bħala eżempju kwistjoni ta’ frodi, jew xiħadd qed jisraq jew xiħadd li jitlob li ssir investigazzjoni. Dan ma jsirx mill-Ministeru tal-Finanzi imma hemm l-Awditur Ġenerali li mill-awditjar tiegħu jara jekk il-Ministeru għall-Finanzi jew Ministeri oħrajn imxewx fuq il-linji gwidi jew qabżuhomx. Il-Gvern għandu wkoll l-awditur intern li jiċċekkja dwar ir-riskji li jkun hemm u jekk hux kollox ikun miexi sew fejn ikun hemm suspetti ta’ ħela.

Spjegajt dan kollu biex nuri li għalkemm il-Ministru għall-Finanzi u l-Ministeru tiegħu għandhom poteri kbar, daqstant ieħor għandhom responsabbiltajiet u li finalment iridu joqogħdu għal dak li tgħid il-liġi, għal dak li jgħidu r-regolamenti u li hemm linji gwidi li ma jistgħux jinqabżu.

Hemm proċess ta’ kważi sena li finalment jwassal għat-tfassil ta’ baġit…

proċess dominat minn laqgħat twal li matulhom ikun studjat l-impatt tal-miżuri proposti mid-diversi Ministeri.

Il-Ġimgħa, 16 ta’ Frar 2018

Minister for Finance Edward Scicluna joined other finance ministers and Central Bank governors from Italy, Greece, Portugal, San Marino, Albania, and East Timor in a discussion within the joint International Monetary Fund (IMF) and World Bank Constituency meeting in Lisbon.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

The meeting, hosted by the Portuguese Finance Ministry, addressed issues of shared common concern including the euro, governance issues at the IMF, issues related to climate change, the macroeconomic effect of weather shocks, and strategic issues relating to the World Bank.

The meeting was addressed by IMF Executive Director Alessandro Leipold and World Bank Executive Director Patrizio Pagano, and special presentations were given by Vice-President and Treasurer of the World Bank Arunma Oteh and IMF Senior Economist Mico Mrkaic.

Professor Scicluna was accompanied by Central Bank of Malta Governor Dr Mario Vella.

“During the meeting, we had the chance to discuss current pressing issues being faced by the countries within our constituency and how we should respond to them. I am grateful to the Portuguese Finance Minister, Mario Centeno, for hosting this important and useful meeting”, said Finance Minister Edward Scicluna.

 17th February 2018

During the Eurogroup meeting, convened on the eve of the Economic and Financial Affairs Council (ECOFIN) in Brussels on the 19^th and 20^th February 2018, Minister for Finance Edward Scicluna stated that, “Malta supports the strengthening and the added roles for the European Stability Mechanism (ESM). There is no trade-off between the independence and the governance structure of the ESM. The current governance structure should be retained because it worked well during the worst of times.” Minister Scicluna was speaking during an exchange views on how to bring forward the discussions on the reform of the ESM in the broader context of deepening the European Monetary Union.

With the newly elected ECB Vice-President Luis de Guindos, President of Eurogroup Finance Ministers Mario Centeno, and Finnish Minister for Finance Petteri Orpo

The Eurogroup meeting discussed other matters related to the banking union, including risk reduction and risk sharing, further reduction of non-performing loans levels, and the European Deposit Insurance Scheme (EDIS) for banks.

Meanwhile, following the withdrawal of the Irish candidature for the post of Vice-President of the European Central Bank, the Eurogroup approved the Spanish candidature of Luis de Guindos for the post.

In his address to the media ahead of the ECOFIN Council, Minister Scicluna stated that in order to break the current impasse surrounding Eurozone reforms, member states need to act on matters that are practical and which have already been agreed upon.

The ECOFIN Council also discussed the United States Tax Reforms, which aim at increasing US competitiveness as well as encouraging US companies to relocate to the US. Member states encouraged the European Commission to undertake a comprehensive review while monitoring any developments that can affect EU corporate tax policy, trade, and economic wellbeing. European member states expressed their wish to maintain good relations with the US while finding common ground for reforming the international tax system.

Regarding the Commission’s proposal of the public procurement package, Minister Scicluna expressed Malta’s support, as it is believed that the package enables member states to benefit from making better use of strategic procurement for the financial sustainability of national budgets. Minister Scicluna stated that this package is important in the context of structural reforms where public procurement can present an important driver for the delivery of change. The Minister also highlighted new regulations that Malta has introduced, in conformity with EU rules, which have resulted in less bureaucracy and more efficiency.

Minister Scicluna was accompanied by Malta’s Permanent Representative to the European Union Marlene Bonnici and Permanent Secretary Alfred Camilleri.

Tuesday 20th February 2018

Iċ-ċittadin li mill-paga ta’ kull erba’ ġimgħat titnaqqaslu t-taxxa dovuta u li fl-aħħar tas-sena tasallu d-dar l-informazzjoni mid-Dipartiment tat-Taxxa dwar x’ħallas taxxa u jekk għandux iħallas aktar jew kellux iħallas inqas, jixxokkja ruħu x’ħin jisma’ li kumpaniji kbar, ġganteski, jaħbu l-profitti tagħhom biex ma jħallsux it-taxxa dovuta. Sitwazzjoni li wieħed jifhimha, aktar u aktar meta jissemmew kumpaniji kbar bħal Google, Amazon, Apple, Starbucks u ħafna oħrajn.

Huwa għalhekk li jkolli ngħid li dak li sar mill-International Consortium of Investigative Journalists (ICIJ) fir-rigward tar-Reġistru Pubbliku ta’ Malta huwa redikolaġni kbira. M’hemmx mod ieħor li bih tista’ tiddeskrivi l-aġir tagħhom li pprovaw jagħtu l-impressjoni li l-istituzzjonijiet reliġjużi, istituzzjonijiet oħrajn ta’ kull tip u ta’ kull settur li għandna reġistrati f’pajjiżna għamlu dan biex jevadu t-taxxa u jkunu sigrieta.

Dan wassal għal ħolqien ta’ moviment globali li qed jaħdem favur li jkun hemm it-trasparenza, favur li jkun hemm skambjar ta’ informazzjoni bejn il-pajjiżi biex kemm jista’ jkun ma jkunx possibbli li jsir il-ħabi ta’ profitti u allura l-evitar ta’ ħlas ta’ taxxi. Hemm ukoll il-midja, li b’kull mezz, anke dak illeċtu, tidħol f’sistemi privati biex jiksbu informazzjoni u allura jikber l-iskandlu ta’ kumpaniji kbar li jaħbu flushom f’ġurisdizzjonijiet sigrieti.

Huwa b’riżultat ta’ hekk li kellna l-istejjer ta’ SwissLeaks, JerseyLeaks, Panama Papers, LuxLeaks, Paradise Papers. Stejjer li bihom ippruvaw, jew irnexxielhom, jixxukkjaw lin-nies dwar min jaħbi l-flus, x’jaħbi u x’ikun qed jitlef il-pajjiż partikolari. S’hemmhekk wieħed jifhimha u allura dan jirrifletti wkoll fuq il-pajjiżi u x’għandhom jagħmlu l-gvernijiet tagħhom biex inaqqsu dan l-abbuż.

Filfatt fl-Unjoni Ewropea għaddejna mill-inqas żewġ direttivi, u hemm oħrajn, li bihom qegħdin noħolqu koperazzjoni u ngħaddu informazzjoni lil xulxin filwaqt li fl-istess ħin ngħalqu t-toqob mnejn jgħaddu dawk li jkunu jridu jevadu t-taxxa.

Ilni ngħid u ili nikteb li mkien fit-28 stat membru tal-Unjoni Ewropea ma nistgħu ngħidu li hemm xi tax haven. U dan għar-raġuni li m’hemmx is-segretezza. L-Unjoni Ewropea rat biżżejjed, ħasbet biżżejjed, għamlet direttivi biżżejjed biex ikun hemm l-iskambjar ta’ informazzjoni. M’għandna xejn sigriet.

Ma jfissirx li kulħadd huwa trasparenti indaqs, u dan iwassalni biex nitratta direttament dwar pajjiżna. Għal raġunijiet politiċi, u mibdija lokalment, qegħdin jippruvaw jgħawġu u jippruvaw iħamġu isem pajjiżna sfortunatament barra minn Malta, fil-midja barranija, fil-Parlament Ewropew u postijiet oħra billi jippruvaw ixebbħuna ma’ dawn l-iskandli.

Sitwazzjoni li hija imqansħa għall-aħħar u kultant anke redikola. Malta mhix dak il-pajjiż li qegħdin jippruvaw ipinġuh li hu. Malta mhux sigrieta. M’għandniex kumpaniji sigrieti. L-informazzjoni nagħtuha. Ir-Reġistru Pubbliku huwa pubbliku. Minkejja dan kollu, dawk wara dan l-attentat kontra pajjiżna ma waqfux milli jkomplu għaddejjin. Ftit tal-ġranet ilu qalulna li bħalma kixfu l-każ tal-LuxLeaks, SwissLeaks u Panama Papers issa se jikxfu r-Reġistru sigriet dwar il-pajjiżi reġistrati f’pajjiżna. Dan filwaqt li jammettu li r-Reġistru Pubbliku tagħna mhux wieħed sigriet imma, skont huma, aħna xorta rnexxielna naħbu.

Ir-Reġistru Pubbliku ta’ Malta huwa pubbliku u huwa aċċessibbli għal kulħadd għand l-MFSA

Skont huma aħna għandna 80,000 kumpanija barranija offshore. Skont huma issa konna se nkunu nafu min huma s-sidien aħħarin tagħhom. Skont huma konna se nkunu nafu min huwa s-sid tas-sid u se jkollhom iċ-ċwievet kollha biex inkunu nafu min huma verament l-azzjonisti ta’ dawn il-kumpaniji. Skont huma konna se naraw min huma l-kumpaniji li ma ħalsux taxxa. Skont huma  kienu se jixxukkjaw lid-dinja b’din it-trovatura tar-Reġistru Pubbliku tagħna u filfatt ippubblikawh!

Konna ilna ngħidu li anke fejn jirrigwarda numru ta’ kumpaniji, 80,000, huma żbaljati. Mar-Reġistru ta’ Malta, in-numru ta’ kumpaniji reġistrati, Maltin u barranin, mhux żgur jaqbeż 50,000/60,000, għax hemm numru kbir ta’ kumpaniji, kalkulat bejn 20,000 u 30,000 li m’għadhomx aktar attivi. Mietu mewta naturali. L-awdituri li jirrappreżentawhom ilhom li tefugħhom fil-kaxxi u poġġewhom fil-kantina. Għalkemm teknikament u legalment ma mietux jew spiċċaw, xorta effettivament mhumiex ħajjin, imma ma nistgħux naqtugħom minn fuq ir-Reġistru, imma nafu li mhumiex attivi.

Lura lejn it-trovatura li suppost sabu fir-Reġistru Pubbliku tagħna! L-informazzjoni li taw u li skont huma kixfu, ilha onlajn. Jista’ jkun li kien hemm xi sorpriża għal xi wħud, imma mhux għalija bħala Ministru għall-Finanzi jew għall-Gvern.

Il-kumpaniji li “skoprew” jinkludu nies li nafu. Fil-lista telgħu l-klabbs tal-futbol Maltin. Telgħu s-sorijiet. Telgħet il-knisja. Telgħu kull kumpanija u kull ħanut li għandhom f’Malta u li nafuhom. Telgħu l-kuntratturi. Telgħu l-ħwienet li nafu b’isimhom f’Malta bħala kumpaniji li tagħhom huma azzjonisti. Xiħaġa li kulħadd kien jaċċetta u li ma fiha ebda sorpriża.

Imma li ċċappashom u tagħti x’jifhem li dawn huma kumpaniji sigrieti li qegħdin fuq ir-Reġistru ta’ Malta biex ma jħallsux taxxa huwa qerq u huwa kundannabbli. Aktar u aktar meta nafu li dawn iħallsu t-taxxa. Kull min huwa reġistrat huwa reġistrat legalment fir-Reġistru tal-MFSA. Ir-Reġistru Pubbliku huwa l-mod kif inti tirrispetta l-kumpanija ta’ pajjiżna.

Huwa min mhux reġistrat u qiegħed fl-ekonomija s-sewda, minn taħt, li huwa illegali. Kull kumpanija li qed timxi mar-regoli, li tirrapporta l-kontijiet tagħha, li tinforma lill-MFSA kull darba li jkollha xi tibdil fid-diretturi jew fl-azzjonisti jew fl-istatut tagħha huwa l-mod legali li jimxi bih kull pajjiż.

Huwa għalhekk li jkolli ngħid li dak li sar mill-International Consortium of Investigative Journalists (ICIJ) fir-rigward tar-Reġistru Pubbliku ta’ Malta huwa redikolaġni kbira. M’hemmx mod ieħor li bih tista’ tiddeskrivi l-aġir tagħhom li pprovaw jagħtu l-impressjoni li l-istituzzjonijiet reliġjużi, istituzzjonijiet oħrajn ta’ kull tip u ta’ kull settur li għandna reġistrati f’pajjiżna għamlu dan biex jevadu t-taxxa u jkunu sigrieta.

Il-konklużjoni li toħroġ minn dan kollu hija li meta tesaġera, meta tipprova tpinġi pajjiż bil-mod li mhux, fl-aħħar tiżloq. Dak li għamlet l-ICIJ huwa żelqa kbira u żelqa fin-niexef. Żelqa kbira u fin-niexef għax ħadd mill-Maltin ma jieħu gost jara ismu imċappas fil-ġurnali u onlajn taħt il-pretensjoni li qiegħed fir-Reġistru Pubbliku ta’ Malta biex jaħbi ismu jew biex ma jħallasx it-taxxa. Din mhix il-verità.

Kull attentat li qed isir f’pajjiżna biex ipinġu lil Malta b’mod estrem bħala li aħna l-iżjed stat mafjuż fid-dinja, li m’hawnx saltna tad-dritt, li ngħixu bil-liġi tal-ġungla, huwa bogħod mir-realtà. Mhix Malta li nafu. Mhix Malta li fil-verità ngħixu fiha. Kull min jafna jaf li dak li qed jippruvaw ipinġu mhux minnu.

Ma nafx għaliex qegħdin ikomplu għaddejjin b’dawn l-attentati meta jafu li mhux biss iż-żejt jitla’ f’wiċċ l-ilma, imma agħar minn hekk. Meta int tipprova tħammeġ lil pajjiżek finalment se jiġi fuqek għax il-ħsara lill-pajjiż tkun saret. Iżda l-poplu ma naħsibx li se jinsa dan kollu għax kull Malti u Għawdxi huwa kburi f’pajjiżu. Kull Malti u Għawdxi huwa diżappuntat bil-kbir bl-attentati biex jippruvaw iħamġu lil pajjiżna.

Il-Ġimgħa, 23 ta’ Frar 2018

Malta welcomes yet another two rating upgrades by DBRS and Moody’s respectively. DBRS has upgraded the Republic of Malta to ‘A (high)’ from ‘A’, and Moody’s changed the outlook to ‘positive’ from ‘stable’.

Minister for Finance Edward Scicluna said that “from where I heard the news here in India, these upgrades mean more doors being opened for serious discussion, from Prime Minister Modi to his Finance Minister Jaitley. There is an increasing interest in the desire to do business with Malta. It makes you proud to be Maltese.”

DBRS positively notes that the Maltese economy continues to surprise on the upside. Malta remains a top performer in the euro area with its economy powering ahead. DBRS’ report highlights that Malta’s recent economic performance has been remarkable. Strengthening Malta’s fiscal framework has improved the government balance sheet, and if this is sustained, Moody’s would support an assignment of an ‘A2’ rating.

DBRS addresses Malta’s improvement in its fiscal management and performance, calling attention to the 2014 Fiscal Responsibility Act and its importance in strengthening the fiscal framework. In addition, DBRS outlines that Malta’s growth continues to support deficit and debt reduction.

Moody’s are also projecting a further reduction of about 10pp in the debt to GDP ratio over the years 2016-2019. DBRS’ report shows that Malta’s debt ratio is one of the lowest in the EU and predicts a further decrease by 2020.

Labour market dynamics, a record-low unemployment rate and increased labour force participation continue to strengthen our economic performance, with real GDP expected tofurther expand by 5.7% and 4.6% in 2018 and 2019 respectively.

As an affirmation of their upgrade, Moody’s emphasise that Malta’s credit profile shows stronger economic prospects and higher wealth levels than ‘A’-rated countries.

The DBRS report certifies Malta’s political environment as being broadly stable and expects no major policy changes, while appreciating the efforts being made by government to lower the scope for corruption and strengthen its institutions.

Saturday 24th February 2018

During a press conference at the Ministry for Finance, Minister Edward Scicluna said that one should not fear and get used to economic growth, especially when keeping in mind that inflation is under control. Minister Scicluna was commenting on the upgrades by DBRS—to an A (High)—and a change in outlook to positive from stable by Moody’s.

Minister Scicluna said that the key drivers behind such ratings are the reduction in debt and contingent liabilities mostly tied to the Malta Freeport and Enemalta.

The Minister remarked that the present Government inherited this debt and liabilities from previous administrations and is doing everything in its power to decrease them.

Minister Scicluna said that both rating agencies were impressed with the fact that the Maltese Government managed to reduce debt from over seventy percent to slightly over fifty per cent, and thus reduced the country’s risks.

When mentioning future prospects, the Minister said that should Malta continue with its present performance, rating agencies will upgrade us further.

He said that these upgrades will enhance Malta’s attractiveness to foreign investors.

Minister Scicluna also explained that the Government is working on registering a balanced budget while investing the IIP funds for long-term investments.

 Tuesday 27th February 2018

“Let us work at promoting Malta as a peaceful place to do business.” This was stated by Minister For Finance Edward Scicluna whilst addressing a ‘Masterclass on the State of Hospitality and Investment across the Mediterranean Region’, organised by the Mediterranean Tourism Foundation.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

Minister Scicluna said that the Mediterranean community is close to his heart as in the past he has worked on the Mediterranean Action Plan which had embarked to change the Mediterranean sea from a polluted one dying a slow death to how it is today, a sea whose beaches are now awarded the European blue flag.

Talking about the present situation, Minister Scicluna stated that the seven percent economic growth was much more than the Government expected when it embarked on the programme to resuscitate a lethargic economy and this creates its own challenges.

Minister Scicluna touched upon testing challenges in the Mediterranean and other European countries such as an unprecedented flow of refugees and Brexit together with a feeling of EU scepticism. He spoke about a lack of investment appetite where there are big companies with money but nowhere to invest.

Here he mentioned a landscape where economic and financial regulations are being enacted by the European Union.

The Minister said that it is important to remain optimistic and positive about the future but still keep our feet on the ground. He said that discussions at EU level are contemplating the enhanced role of the European Supervisory Authorities in terms of emerging and new technologies such as in the case of FinTech and cryptocurrencies. Minister Scicluna also remarked that one needs to ensure that there is a healthy mix of available sources of finance to support economic activity.

Minister Scicluna also spoke about corporate taxation and said that countries in the Mediterranean which are using tax competition as a means to attract investment are being challenged and threatened with blacklisting. Here he emphasised on the difference between harmful tax competition and non-harmful tax competition. He stressed that one can never condone tax evasion or even tax avoidance but at the same time one should keep firm to the national competences especially in the case of young emerging economies to retain an element of competitiveness.

Minister Scicluna spoke about the North African and Middle Eastern countries and the need for a development bank that understands these regions specifically and said that as Maltese, we are declaring our interest in supporting such initiatives in this region.

Thursday 1st March 2018

Mingħajr ebda sens ta’ partiġġjaniżmu ma nistax ma nirrimarkax dak li jista’ jara, u filfatt qiegħed jara u jesperjenza kulħadd. Il-poplu Malti u Għawdxi llum huwa aktar komdu milli kien sa ftit tas-snin ilu. Il-pajjiż għaddej minn żmien tajjeb ħafna. Id-dħul tal-familji tjieb sostanzjalment, xiħaġa li hija riflessa fil-fatt li l-konsumiżmu kiber sostanzjalment.

Ammissjoni għal dan, jekk wieħed jista’ jsejħilha hekk, toħroġ ukoll minn stqarrijiet li jsiru minn ċerti bnadi, bħal “dan il-materjaliżmu kollu mhux tajjeb, dan mhux se jġib il-kuntentizza”. Materjaliżmu ma jfisser xejn aktar minn flus fil-but. Aktar kummerċ. Min-naħa l-oħra ma nistgħux lanqas ninjoraw il-qawl Malti li jgħid li “il-flus mhux kollox”, li jfisser li mhux bilfors tkun kuntent għax ikollok il-flus. Bħalu għandna qawl ieħor li jgħid li “il-bniedem ma jgħix biss bil-ħobż”.

It-tir tagħna mhux kemm ikollna flus imma li idealment inkunu kuntenti. Dwar dan naħseb li jaqbel kulħadd. Ovvjament dħul akbar mill-impjieg tiegħek jew min-negozju tiegħek jista’ jkun li jgħin biex tħares lejn affarijiet li jagħmluk aktar kuntent milli fil-fatt tkun.

Ma naħsibx li nkun qed ngħid xiħaġa ta’ barra minn hawn jekk ngħid illi kieku kellek tistaqsi lil min trid x’jippreferi, jekk ikollux dħul aktar jew inqas milli għandu t-tweġiba se tkun li jippreferi aktar. Imbagħad ikun l-individwu li jiddeċiedi x’jagħmel biż-żjieda li jkollu fid-dħul tiegħu. Mill-ġdid, ma jfissirx li bilfors se jkun kuntent.

U allura m’għandux ikun hemm min jipprova jtappan il-fatt li pajjiżna qiegħed ikattar u jqassam aktar ġid billi jgħid li “dan il-materjaliżmu kollu mhux tajjeb, dan mhux se jġib il-kuntentizza”

Imma jibqa’ l-fatt li l-kuntentizza hija parti sostanzjali mill-materjaliżmu. Huwa għalhekk li kulħadd ikun jixtieq li l-familja tiegħu, uliedu, jgħixu ħajja aħjar milli jkunu għexu huma bħala ġenituri tagħhom.

Minkejja tali sitwazzjoni xorta ma jistax jingħad li m’hawnx min qiegħed jgħix fil-faqar jew fil-periklu tiegħu. U ma nafx kemm tista’ titkellem dwar kuntentizza ma’ min qiegħed jgħix f’sitwazzjonijiet bħal dawn. Meta nitkelmu dwar faqar dwar x’hiex inkunu qegħdin nitkelmu? Dwar nuqqasijiet bażiċi għall-ħajja ta’ kuljum? Ifisser li meta nipprovdu aktar għal fuq il-mejda tal-ikel, għal aktar ħwejjeġ, għall-possibiltà li tkun tista’ tittieħed vaganza mhux biss lokalment imma anke barra inkunu qegħdin ngħinu biex dik il-familja partikolari tgħix aħjar.

Dan iwassalni għall-punt li biex il-Gvern jaqta’, jew almenu jnaqqas il-faqar b’mod drastiku, irid iżid l-affarijiet li huma materjali. Nemmen li dwar dan naqblu u sta  għall-Gvern li jara li tikber l-ekonomija, li jiżdied l-investiment. Imma mhux biss, tkabbir fl-ekonomija u żjieda fl-investiment iridu jkun jridu jiġu tradotti f’aktar xogħol. Illi l-familji din is-sena ikunu qegħdin jgħixu ħajja aħjar milli għexu s-sena ta’ qabel. Dan huwa t-tir ekonomiku tal-Gvern u ma naħsibx  li qatt jista’ jkun hemm min ipinġi dan bħala kundannabbli għax huwa materjalista.

Ovvjament dħul akbar mill-impjieg tiegħek jew min-negozju tiegħek jista’ jkun li jgħin biex tħares lejn affarijiet li jagħmluk aktar kuntent milli fil-fatt tkun.

Madankollu jibqa’ l-fatt li l-kuntentizza ma tiksibhiex biss bil-flus. Hemm ħafna affarijiet oħra li jirrendu għall-kuntentizza. Huwa fid-dmir tagħna li dan ngħalmuh lil uliedna. Il-paċi u l-kuntentizza jiddependu wkoll mill-armonija fil-familja. Minn ħajja trankwilla bejn il-kapijiet tal-familji, li jkun evitat kemm jista’ jkun in-nuqqas ta’ ftehim. Il-kuntentizza tiddependi wkoll mit-tip ta’ ambjent li jkun hemm fuq il-post tax-xogħol. Mit-tip ta’ xogħol li tkun tagħmel, jekk dan ikunx ix-xogħol preferut tiegħek jew jekk tkunx fih għax ma jkollokx għażla oħra u xorta trid tgħajjex familja. Anke r-reliġjon hija fost il-fatturi li jikkontribwixxu għall-kuntentizza.

Ħadd ma jista’ jgħid li dan kollu mhux minnu, li l-kuntentizza hija xiħaġa li tmur ‘il bogħod mill-materjaliżmu. Huwa fatt li tiltaqa’ ma’ ħafna nies li huma kuntenti minkejja li għandhom ferm inqas minn ħaddieħor. Daqstant ieħor huwa magħruf li hawn ħafna li għandhom flus aktar milli jesa’ ġildhom, aktar milli għandhom bżonn, u xorta jridu iżjed. Dik li ngħidulha rgħiba. Jista’ jkun ukoll li dawn it-talin jaħsbu li aktar ma jkollhom flus u ġid akbar tkun ir-reputazzjoni tagħhom ma’ min jafhom. Li jkunu meqjusin bħala kapaċi aktar minn ħaddieħor u b’hekk ikunu kuntenti aktar.

Min-naħa l-oħra, strettament fejn jirrigwarda kuntentizza l-Gvern huwa limitat f’dak li jista’ jagħmel. Il-Gvern jista’ jġib il-kuntentizza, u hekk qed jagħmel, billi joħloq il-ġid u jara li dan jitqassam bl-aktar mod ġust. Aktar ma jqassam u aktar ma jifrex dan il-ġid aktar se jkun hemm kuntentizza għax b’hekk ikun qed inaqqas kemm jista’ jkun min-numru ta’ familji li fil-passat kienu fil-faqar jew fir-riskju tiegħu. Tqassim li jkun qed iwassal biex ngħid hekk aktar ikel fuq il-mejda ta’ dawk il-familji u allura inqas tbatija u aktar kuntentizza fis-sens materjali milli kienu qabel.

U allura m’għandux ikun hemm min jipprova jtappan il-fatt li pajjiżna qiegħed ikattar u jqassam aktar ġid billi jgħid li “dan il-materjaliżmu kollu mhux tajjeb, dan mhux se jġib il-kuntentizza”.

Il-Gvern jista’ b’xi mod jgħin ukoll billi jaġġorna l-liġijiet fir-rigward ta’ attwalitajiet sfortunati li qegħdin naraw fil-familji tad-dinja tal-lum, partikolarment fejn tidħol vjolenza domestika.

Imma l-Gvern ma tantx jista’ jagħmel wisq fejn tidħol il-kuntentizza tal-bniedem. Huwa importanti li ssir distinzjoni. Il-limitu u l-objettiv li jista’ jasal għalih il-Gvern huwa dak li joħloq aktar ġid. Sintendi jiddependi ħafna wkoll minn kull individwu li jagħmel l-almu tiegħu wkoll biex bil-ġid maħluq jagħmel lilu nnifsu kuntent. Dawn huma prinċipji li għandna inrawmuhom f’uliedna. Lil uliedna għandna inwassluhom biex jirrealizzaw li l-ġenituri tagħhom ma kellhomx l-affarijiet li għandhom huma llum u allura l-miri tagħhom ikunu ħafna ogħla minn dawk tal-ġenituri tagħhom.

Dan huwa l-messaġġ li joħroġ mill-esperjenza li tagħti l-ħajja ta’ kuljum.

Il-Ġimgħa 2 ta’ Marzu 2018 

Following Moody’s and DBRS’ credit rating upgrades last week, Fitch has now affirmed Malta’s sovereign credit rating at A+ resulting from its upgrade last year, while commending Malta’s high governance indicators. These results, it remarks, reflect a strong rule of law and governmental effectiveness.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

Minister for Finance Edward Scicluna stated that, “I am pleased to see a rating agency stating that house prices still appear to be in line with fundamentals and that it still believes there are strong mitigating factors against potential instability stemming from the housing sector.”

The independent rating agency forecasts Malta’s economic growth to outperform that of similarly related peers in 2018. Real GDP grew by 7.2 per cent in the first three quarters, boosted by buoyant service exports and sharp contraction in imports.

Malta’s vibrant service exports and a moderation in import-intensive investments will support a robust external fiscal position. The shift to a more service-oriented and a less investment-intensive economy will lead to a sustained surplus on the current account at an average of 9.7 per cent of GDP in 2018-2019.

Fitch also forecasts that Malta’s general government balance is to remain in a surplus of 1.5 per cent of GDP in 2018. In addition, the report outlines that Malta’s debt ratio is decreasing, supported by high nominal GDP growth and expected fiscal surpluses.  Indeed, Fitch expects Malta’s debt-to-GDP ratio to keep falling to 45.1 per cent of GDP by end-2019.

Fitch also highlights Malta’s sound banking sector with robust capitalisation and liquidity ratios.

The credit rating report acknowledged Malta’s low unemployment rate, which is among the lowest rates in the eurozone. It also underlines that the rate of inflation has been lower than the ‘A’ median while national income per head is higher than the ‘A’ median.

Saturday 3rd March 2018

On the occasion of Women’s Day, Minister for European Affairs and Equality Helena Dalli and Minister for Finance Edward Scicluna attended an event organised by 100 Women in Finance at the Malta Stock Exchange which hosted the Countess of Wessex and the President of Malta Marie-Louise Coleiro Preca.

PRESS RELEASE BY THE MINISTRY FOR EUROPEAN AFFAIRS AND EQUALITY

-o-

THE MINISTRY FOR FINANCE

Minister for European Affairs and Equality Helena Dalli held that during these last five years, the Government has taken various measures to support persons with caring responsibilities—particularly women—not only to enter the labour market, but to also remain in employment and be better able to advance in their career. “Enhancing equal opportunities for women and men so that they may achieve their full potential is one of the priorities of the Maltese Government”, said Minister Dalli.

However, Minister Dalli also noted that women are still under-represented in managerial positions and on boards. In spite of the fact that employment rate of women having increased by 5.9% in the last three years, and that 57% of graduates are women, there remains a wide gap between the number of men and women in decision-making positions. With 4.5% of the board members of large listed companies registered in Malta, women in Malta are the least in the EU to hold such positions. Even in the political sphere, following the 2017 general election, only 14.9% of members of Parliament are women.

Minister Dalli referred to pledges in the government programme, which seek to strengthen equal opportunities in employment and challenge the under-representation of women in top levels of companies/entities by incentivising employers. These include tax deductions; putting in place adequate systems of teleworking and flexible hours; extending the free childcare service; enhancing the MicroInvest programme, particularly for companies where the majority of shareholders are women. Further consultations with social partners on the possibility of parents making use of their sick leave when their children are sick is another area which is being tackled. Minister Dalli said that the government is striving to achieve gender-balanced representation in decision-making positions by promoting a 40% representation of each sex on government-appointed boards and by changing Parliament working hours to make them more family-friendly.

“These initiatives are indicative of a society that fosters equality and that is committed to challenge gender stereotypes and discrimination, which inhibit the participation of women in decision-making positions”, stated Minister Dalli.

Minister for Finance Edward Scicluna said that the Malta Stock Exchange, “is a place which holds so much promise for the next phase of our economic development, where every business-minded person or institution, irrespective of clout or importance, feels it belongs.”

Minister Scicluna stated that the launching of the alternative platform Prospects has brought the small businesses closer to seeing their dream of independently tapping the capital markets independently become a reality.

Regarding the literacy programme carried out at the exchange for people from all walks of life, the Minister said that it is helping to assist in the ease to do business.

“Malta, with its impressive economic growth rate, its successful and quite significant increase in its female labour force participation rate, and careful handling of its public finances, is showing the world that a country with a strong determination can become an enviable European performer”, concluded Minister Scicluna.

Thursday 8th March 2018

Malta has once again recorded the highest economic growth in the Euro Area with a real GDP growth rate of 6.6 per cent in 2017. This growth rate is more than double the average growth rate of 2.3 and 2.4 per cent recorded in the Euro Area and the EU28 respectively.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

In nominal terms, GDP grew by 9.0 per cent. The latter augurs well for the debt-to-GDP ratio for 2017, which is expected to fall below 55 per cent.

The €916 million increase in nominal GDP last year was distributed in a €290 million increase in compensation of employees, a €498 million increase in business profits, and a €128 million increase in revenue from production and imports taxes.

Minister for Finance Edward Scicluna said: ‘I am pleased to note that our country has been consistently recording historically higher economic growth rates in the last four years confirming that this higher level of generated wealth for our families can and will be sustained.’

Indeed, for the four-year period of 2014 to 2017, average annual growth surpassed averages recorded in the past two decades.

Private consumption remained a crucial driver of growth during the last year, increasing by €191 million or 4.4 per cent. This continues to reflect the dynamic performance of the labour market, boasting a consistently record low unemployment rate of 4.0 per cent in 2017 and a strong employment growth of 3.1 per cent in the third quarter of last year. Exports also contributed positively to growth.

Government final consumption expenditure remained contained such that it recorded a marginal decrease of €4 million or 0.3 per cent.

During 2017, economic growth continued to be broad-based as the increase in the gross value added for all sectors reached €794 million. This was reflected in double digit growth rates by the professional, scientific and technical activities, and administrative and support services sectors. Other notable private sector increases were registered in the arts, entertainment and recreation sector, the construction, quarrying and utilities sectors, the wholesale and retail trade, transportation and storage sectors, the accommodation and food services sector, as well as the information and the communications sector.

Also worth noting is the growth in the manufacturing sector, where gross value added rose to 9 per cent last year.

Thursday 8th March 2018

The Ministry for Finance welcomes the 2018 Country Report on Malta published by the European Commission, which states that “Malta’s economic performance has been outstanding in recent years.”

PRESS RELEASE BY THE MINISTRY FOR FINANCE

Indeed, the report acknowledges that growth has remained dynamic and has been job-rich, with prospects looking favourable and the fiscal outlook remaining positive. 

Malta’s labour market conditions continue to be favourable, with unemployment dropping to record-low levels. Youth unemployment also remains much lower than the EU average, whilst employment growth remains robust both for women and men. The report also highlights that Malta’s income inequalities are relatively stable and below the EU average.

The report recognises that the current account continues to show a marked surplus while remarking that the balance of Malta’s net international investment position is one of the highest in the EU after the Netherlands.

The European Commission further notes that the Government has responded with several measures to improve human capital development, partly through a reduction in early school leavers. The Government has also improved skills governance and participation in adult learning.

The report acknowledges that public finances have improved and Malta’s medium-term objective was achieved three years ahead of schedule. Even though Malta had one of the highest growth rates in public expenditure in the EU over the last three years, the level of public expenditure per capita in Malta is below the EU average.

Investment represented by gross fixed capital formation was close to the EU28 average in 2016.

The report also outlines that the Maltese SME sector has thrived in recent years—in recent years, the employment level and value added by SMEs increased significantly when compared to SMEs in the EU.

Minister for Finance Edward Scicluna comments: “I am pleased to note that the Commission acknowledges the success of Government’s policies in consolidating public finances, attaining robust and sustainable economic growth rates, achieving a positive external balance, and enhancing the quantity and quality of labour.”

The report further notes that the 2018 Budget has introduced measures to fight tax evasion and address money laundering by transposing the Anti-Money Laundering Directive together with an effective legal framework.

Thursday 8th March 2018

While addressing delegates from the EBRD Constituency, Minister for Finance Edward Scicluna stated that, “it is important for the countries represented at the European Bank for Reconstruction and Development, the EBRD, to address the current issues pertaining to the North African and Middle East countries, with special emphasis on migration.” The Constituency is composed of Austria, Bosnia and Herzegovina, Cyprus, Israel, Kazakhstan and Malta.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

This year’s Constituency meeting was hosted by the Maltese Ministry for Finance and the Central Bank of Malta. The meeting took place at the Laparelli Building, housed in the Central Bank of Malta.

Minister Scicluna continued by explaining the country’s challenge to increase women’s participation in the labour market by means of tax breaks for women returning to work as well as free childcare facilities.

The minister praised the projects of the EBRD in various sectors and augured further efforts in the future.

The participants were briefed on the EBRD’s work in SEMED by the Managing Director of SEMED Ms Janet Heckman. SEMED was instrumental in carrying out numerous infrastructural projects in the region, mainly in the energy sector. In the host country’s topic speech, Dr Aaron Grech from CBM spoked about Sustaining Rapid Economic Growth Necessities and strong investment in Malta.

Minister of Finance of the Republic of Kazakhstan Bakhyt Sultanov, Minister of Trade and Economic Relations of Bosnia and Herzegovina Mirko Sarovic, and the Head of Administration and Finance at the Ministry of Finance in Cyprus Kyriacos Kakouris gave a detailed overview of the state of their economies and the EBRD projects undertaken in their countries.

Saturday 10th March 2018 

Minn żmien għal żmien id-diversi aġenziji internazzjonali ta’ kreditu, Moody’s, Standard & Poor’s, Fitch, DBRS, joħorġu rapporti dwar pajjiżna. B’mod konsistenti tista’ tgħid li s-sekwenza li ssegwi wara l-ħruġ ta’ dawn ir-rapporti issa drajniha: il-Gvern juri s-sodisfazzjon tiegħu u għandu biex verament ikun kuntent; l-Oppożizzjoni taqa’ f’silenzju ta’ qabar u tipprova tagħti l-impressjoni li qisu ma ġara xejn għax ovvjament dak li joħroġ mir-rapporti ma jkunx idoqq għal widnejhom; u l-pubbliku għalih saret xi ħaġa normali u allura jnaqqas l-interess fihom. L-aħħar tliet rapporti kienu dawk li ħarġu mill-aġenziji Fitch, Moody’s u DBRS.

Madankollu naħseb li jkun interessanti li wieħed jidħol f’dawn ir-rapporti u jispjega b’mod sempliċi x’joħroġ minnhom, x’messaġġi jkunu qegħdin jibagħtu. Ir-rapporti, kollha kemm huma, ikunu bażati fuq ir-riskji li jkun qiegħed jiffaċċja l-pajjiż partikolari.

Faċli tispjega din is-sitwazzjoni. Aktar ma jikbru r-riskji aktar jitbaxxa l-grad li l-pajjiż jingħata minn dawn l-aġenziji. Sitwazzjoni li teknikament tissejjaħ downgrade, sitwazzjoni li kienet in-norma taħt l-amministrazzjoni Nazzjonalista. Meta r-riskji jonqsu allura jogħla l-grad li tingħata, upgrade, kif issa drajna ningħataw mis-sena 2013 ‘il hawn.

Il-mistoqsija naturali wara din l-ispjega b’mod sempliċi tkun: fuq xhiex ikunu bażati r-riskji li jikkunsidraw l-aġenzija ta’ kreditu? Ir-riskji jkunu bażati fuq id-dejn li jkollu l-pajjiż. Aktar ma jikber id-dejn aktar jogħlew ir-riskji, aktar ma jitbaxxa d-dejn inqas ikunu r-riskji.

Dan ifisser illi kieku ma kienx għall-mażżra ta’ dejn li ddendlet m’għonq il-pajjiż minn amministrazzjonijiet Nazzjonalisti kieku l-gradi li ngħatajna kienu jkunu ogħla. Kieku konna ningħataw gradi li jingħataw lil pajjiżi avvanzati, lill-pajjiżi sinjuri tad-dinja. F’dik il-kategorija kien ikun pajjiżna. Dan hu l-messaġġ li joħroġ mill-aħħar tliet rapporti dwar pajjiżna pubblikati mill-aġenziji ta’ kreditu internazzjonali.

L-istess jista’ jingħad għal dak li jirrigwarda garanziji min-naħa tal-Gvern. Amministrazzjoni Nazzjonalista għamlet garanziji għal ftit inqas minn biljun u nofs ewro fosthom għall-Korporazzjoni EneMalta. Garanziji li issa naqsu imma xorta għadhom għoljin u xorta jittieħdu inkonsiderazzjoni mill-aġenziji ta’ kreditu meta jkunu qegħdin jikkompilaw ir-rapporti tagħhom.

F’sitwazzjoni bħal din, ta’ djun u garanziji kbar, li jista’ jagħmel il-Gvern huwa li mhux talli ma jżidhomx talli jnaqqashom, kif filfatt qiegħed jirnexxielna nagħmlu. Meta l-poplu fdana bit-tmexxija tal-pajjiż f’Marzu tas-sena 2013 id-dejn tal-pajjiż kien ‘il fuq minn 70% tal-Prodott Domestiku Gross. Illum qiegħed ftit iżjed minn 50%. Li tnaqqas id-dejn b’20 punt perċentwali mhix ċajta. Huwa tnaqqis sinifikanti ħafna, li jagħti sodisfazzjon u li ċaqlaq lill-aġenziji ta’ kreditu biex jgħollu l-grad li taw lil pajjiżna.

Imma mhux biss. Aktar minn hekk l-aġenzija Moody’s tat sinjal ċar li fir-rapport li jmiss se tkun qed tgħolli l-grad, se jkun hemm upgrade. Dan wieħed jista’ faċilment jinnotah. Tinnotah mit-tbassir li jagħtu, minn dak li teknikament jissejjaġ outlook. It-tbassir tagħhom diġà kien tajjeb, kien stabbli, u issa għollewh għal pożittiv, positive.

Jekk l-aġenzija konċernata tieħu l-indikazzjoni li l-pajjiż se jkompli miexi fit-triq ta’ tkabbir ekonomiku, ta’ surplus u ta’ għaqal fejn jidħlu finanzi tal-pajjiż flimkien ma’ stabilità fil-banek tal-pajjiż allura jkun mistenni li jitgħolla l-grad li tkun ingħatajt. Il-grad jogħla minn A3 għal A2. L-ogħla grad huwa A1, imma aħna nistennew li Moody’s jgħollulna l-grad għal A2.

Xiħaġa li ftit li xejn ġiet innotata mill-midja lokali hija li t-tkabbir ekonomiku reġistrat minn pajjiżna skont dawn l-aġenziji mhux boom, mhux bużżieqa li faċilment tista’ tinfaqa’ u kollox isir duħħan. Il-fatt li l-inflazzjoni hija taħt kontroll, inqas minn wieħed fil-mija, allura jirrifletti li m’hemm ebda indikazzjoni li hija sitwazzjoni ta’ boom.

It-tbakkir ekonomiku li qiegħed jesperjenza pajjiżna mhux fula f’qargħa. Huwa tkabbir qawwi li qiegħed ikattar il-ġid filwaqt li jnaqqas il-faqar, inaqqas id-dejn pubbliku u qed joħloq ix-xogħol. Xogħol mhux biss għalina u għal uliedna imma wkoll għall-barranin.

Sintendi, f’sitwazzjoni bħal din hemm bżonn li l-pajjiż ikollu infrastruttura li tikkumplimenta, li tixraq, lil dan it-tkabbir ekonomiku. Xiħaġa li l-Gvern huwa kommess li jagħmel. U dak huwa l-ewwel punt.

It-tieni punt huwa li s-surplus li qegħdin nirreġistraw fil-finanzi tal-pajjiż mhux dovut totalment għal dak li qiegħed jirrendi l-Programm ta’ Ċittadinanza b’Investiment. Huwa minnu li dak li qed jirrendi dan il-programm qiegħed jgħin biex inaqqas id-dejn, imma l-aġenziji ta’ kreditu fir-rapporti tagħhom jiddikjaraw li mingħajr dan id-dħul il-Gvern xorta waħda kien kapaċi jibbilanċja l-kotba tiegħu.

Dan huwa messaġġ qawwi ħafna. Fi ftit kliem, meta norbtu flimkien dak li joħroġ mill-aħħar tliet rapporti tal-aġenziji Fitch, Moody’s u DBRS, għandna biex inkunu kunfidenti, għandna għalfejn inserħu moħħna li l-futur għall-poplu Malti u Għawdxi huwa wieħed sabiħ.

Il-Ġimgħa 9 ta’ Marzu 2018

Malta takes exception at the non-European way that small member states have been labelled in the press recently with regard to the European tax reform process. This was stated by Minister for Finance Edward Scicluna while addressing the Economic and Financial Affairs Council of the European Union, which met today in Brussels. This sentiment was also expressed by the six other member states which, like Malta, have been labelled negatively in the press by the European Tax Commissioner.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

Minister Scicluna further stated that the unanimous agreement reached during the same meeting today on the proposal to amend Directive on Administrative Cooperation was a testament to all member states commitment, including Malta, in combating aggressive tax planning.

Speaking on Malta’s behalf, Minister Scicluna stated that Malta is fully compliant with EU rules and directives on taxation and is also fully compliant with international tax standards. The introduction of ATADI and ATAD II, coupled with today’s unanimous agreement on the proposal for a directive to amend the Directive on Administrative Cooperation, is a further demonstration of our commitment to this cause.

The proposal to amend the Directive on Administrative Cooperation provides for mandatory disclosure of potentially aggressive tax planning by extending the obligation to report cross-border tax planning arrangements to intermediaries.

In a separate discussion on the Banking Union package, Minister Scicluna referred to the Minimum Requirements for Own Funds and Eligible Liabilities (MREL) proposal and emphasised the importance of making requirements proportional to bank risks.  Minister Scicluna stressed the point that small banks need a longer transition to adapt to the new rules as small banks face difficulties in accessing capital markets. Minister Scicluna continued by stating that “imposing unnecessary onerous requirements would impair banks’ ability to finance our economies, with limited benefits in terms of risk reduction”. Furthermore, he stated that “we should also bear in mind that smaller institutions, especially those in smaller member states, have limited access to capital markets”.

Meanwhile, the Council added the Bahamas, St. Kitts and Nevis and the US Virgin Islands to the EU list of non-cooperative jurisdictions.

Minister Scicluna also participated in the Euro Group meeting which was held on Monday. The Euro Group set June 21 as the deadline for finalising the Greece bailout programme and for agreeing on a package of proposals for Eurozone reform.

Minister Edward Scicluna was accompanied by the Permanent Representative of Malta to the European Union Marlene Bonnici and by Permanent Secretary of the Ministry for Finance Alfred Camilleri.

With President of the Eurogroup Mr Mario CENTENO, Portuguese State Secretary for Finance Mr Ricardo MOURINHO FELIX and Slovenian Minister for Finance Ms Mateja VRANICAR ERMAN.

With Mr Pierre MOSCOVICI, European Commissioner for Economic and Financial Affairs, Taxation and Customs and Cyprus Minister for Finance Mr Charis GEORGIADES (left)

Tuesday 13th March 2018

“This is what makes our financial sector what it is, and which we are so proud of ”, said Minister Edward Scicluna during the inauguration of the new offices of Western Union Business Solutions at the W Business Centre in Birkirkara.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

This inauguration was made in the presence of Frederic Simon, Regional Vice President for Europe, and Christian Traversini, Director Southern Europe, together with Jenny Pace, Country Manager in Malta.

Western Union Business Solutions has a history of over 160 years of connecting people and over 140 years experience of moving funds globally.

In 2011, Western Union acquired Travelex Global Business Payments and in Malta the entity change was made in 2012.

Western Union Business Solutions enables companies of all sizes to send and receive cross-border payments and manage foreign exchange  with expertise in moving funds across the globe. It operates through locally licensed affiliates in more than 30 countries.

Minister Scicluna said that today there is a stronger sense of tax morality, where the man in the street expects companies and big firms to pay their taxes just as taxpayers do.

Wednesday 14th March 2018

Finance Minister Edward Scicluna visited the 25 companies participating in the KSU Careers and Research Expo 2018 held at the University Campus. He was welcomed and shown around the stalls by KSU Vice President Steve Zammit Lupi and Education Commissioner Jacob Portelli.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

Both private and public-sector companies, representing the whole spectrum of the economy, ranging from finance to manufacturing and pharmaceuticals, to retail and real estate were represented in this expo.

Through the Expo, students are being given exposure to employment opportunities, encouraged to seek innovative careers and furthering their studies at foreign educational institutions.

Minister for Finance Edward Scicluna commented, “I congratulate the KSU on hosting for the third time the Careers and Research Expo. We will continue to invest and open opportunities for our youths to pursue tertiary education. Through measures and initiatives introduced by government in favour of the business community, we have managed to register a flourishing economic growth, which in turn has translated into a high demand for students once they graduate.”

Photos by: Albert Camilleri

Thursday 15th March 2018