Malta’s debt has risen by €220 million in the third quarter of 2014, a sign that the government is continuing to add future generations with more debt, Mario de Marco, Nationalist Party deputy leader and finance spokesman said today.

The government is boasting that the debt percentage has dropped, but it failed to say that the global debt has risen. The reduction in percentage terms is a result of economic growth generated mostly by the private sector.

Previous administrations invested the people’s money in huge infrastructural projects that are being enjoyed by the whole population. The PN is now asking on which projects were these €220 million spent.

Government responds

“The government finds it incredible how the opposition criticised government, saying that we are burdening future generations when figures from Eurostat show the opposite, that Malta is at the forefront of lowering debt” the Ministry of Finance said.

 “Under the previous government, Malta had a national debt equal to €5 billion, half of which was accumulated over the last ten years. The aim of this government is to put a stop to the alarming accumulation of public debt”.

 “The Opposition persists with a negative attitude even though Eurostat specifically mentioned Malta as a country with the second highest rate reduction for debt in the EU. We remind the opposition that Eurostat figures only reached the third quarter of 2014, thereby not taking into account the contract signed with Shanghai Electric”.