The upcoming Budget should continue to support sustainable economic growth, enhance Malta’s long-term competitiveness, and promote financial stability, Bank of Valletta told BusinessNow.mt.
The bank was responding to questions regarding its proposals for the upcoming Budget, which Finance Minister Clyde Caruana will unveil on Monday.
In particular, the bank said, maintaining a stable and predictable business environment, encouraging investment in productivity and innovation, and supporting the resilience of businesses and households remain important considerations for the continued development of the Maltese economy.
Malta’s Gross Domestic Product rose by 4.5 per cent in volume terms in the second quarter of the year when compared to a year prior, but pressures on public finances due to the international geopolitical situation are rising.
Finance Minister Clyde Caruana had recently said that the energy and fuel subsidies are expected to cost around €400 million this year, and another €400 million next year, but painted a bleak picture about what would happen should they stop, and that they will be kept.
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