Partit Demokratiku has repeatedly claimed that the Individual Investment Programme (IIP) is shrouded in bad governance and lack of transparency and has called for a fresh start in the handling of public funds. 

In a statement, PD said that in 2014 government had stated that the scheme was intended to be used solely for the National Development and Social Fund but it later transpired that 70% were to be used for this allocation and the rest for long term re-investment. In July 2016, a first transfer of €365.5 million was made with the intention of using it for social housing and health care improvements.

In the meantime, funds were used to buy 49% of Lombard Bank and Government Stocks without due details and projections being stated publicly.

PD is of the opinion that:

1. The fund should be used, in the 'public interest' defined in terms of quality of life for all and not in economic terms. So health, education and social issues, and environmental sustainability should primarily benefit. It is still very unclear how the public is to benefit from these funds as no proper evidence-based strategies were issued.

2. The Board of Governance should publish an investment plan in advance – like any other reputable fund/financial institution does. This is the norm. Such decisions also call for the necessary checks and balances which should also be subject to parliamentary scrutiny.

PD said that even Identity Malta, the entity that manages the IIP scheme, falls short of effective accountability and transparency and many are the queries that were never answered by the Office of the Prime Minister.

PD called on government to genuinely rethink its purpose of how to do things and stop using a self-created administrative system which is dysfunctional. Public interest demands an Integrity System that is realistic and respectful.