Malta’s Government spent around €900 million on COVID-related expenditure in 2020, Finance Minister Clyde Caruana said in Parliament on Tuesday.
As a result, the deficit for 2020 is projected to be greater than the 9.4 per cent (€1.22 billion) initially calculated in the Budget 2021 announcement last October.
Dr Caruana highlighted that such calculations are provisional. He added that while the Government is committed to safeguarding the workforce and the broader economy, deficit projections may need to be revised over the coming weeks and months.
In its latest Economic Update, the Central Bank of Malta projected that the Government will record a deficit of 9.5 per cent of GDP in 2020, persisting throughout 2021, although it is anticipated to narrow to 6.6 per cent.
Global wealth management firm Apollo in Malta to talk about private wealth
The global wealth management company has $1 trillion AUM and recently joined as a member of PEVCA Malta
BOV strengthens business banking through integration and client focus
BOV Chief Commercial Officer Simon Grech explains how consolidating operations at The Quad has strengthened the bank’s offering to businesses
It costs 143% of minimum wage to rent a two-bedroom flat in Valletta – report
A worker earning minimum wage would theoretically need to spend more than their salary on rent