COVID economic impact '50 times greater than 2008 recession'
The economic impact of the COVID pandemic is 50 times greater than the 2008 recession, Finance Minister Clyde Caruana said on Friday.
Addressing a business event, Caruana said the government was doing its utmost to ensure that the interests of Maltese and Gozitan families were safeguarded in the coming months and years.
Caruana said that contrary to other European countries, unemployment levels remained stable and the government was not seeking to increase public revenues by raising taxes.
He put this down to the "prudent fiscal policy" which created consecutive surpluses.
"Thus, in such a difficult time, this government has the flexibility to be able to manoeuvre and bear this burden", Caruana said.
Addressing the same event, Prime Minister Robert Abela underpinned good governance as being key to Malta’s economic success.
The Prime Minister vowed that the government’s efforts to improve governance would not stop once the Moneyval assessment has been concluded.
Abela said reforms of the judiciary, police force and regulatory agencies were all essential to ensure Malta was ready to face the challenges ahead.
The government has been striking an increasingly optimistic tone...