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.
MFSA concludes review of Crypto-Asset Service Providers following MiCA implementation
The Authority provided clear expectations and guidance to address certain concerns.
Malta Development Bank to launch schemes supporting sustainable development and creative sector
In 2024, the MDB launched the SME Guarantee Scheme and the Guaranteed Co-Lending Scheme
Euro surges as Trump slaps 20% tariff on Europe, EU vows to retaliate
The sweeping reciprocal tariffs has sparked fears of an all-out global trade war