Much had been said before this budget, and much is still being said. Listening to the news on every single channel, European or other, one does not have to be an economist to realise that the world really is going through financial turmoil. And if that particular country would not be facing a recession, then it would be looming. These are all reasons that added interest to this particular budget, which must have been a hard nut to crack for Finance Mister Tonio Fenech. Apart from the political opportunity the Labour party is taking from the international situation, we even saw a “manifestation” being held against the proposed energy tariffs in Valletta last Sunday.

Our Prime Minister Lawrence Gonzi was the first one to tell us that the times ahead were rather worrying, referring to the price of oil and cereal throughout the electoral campaign. He was the first to warn us about the difficulties that loomed ahead on the horizon. However, none of us expected the kind of financial turmoil we have experienced in these past three months. We all knew that the world was already going through harder times, times that we had to face together as a people, not divided, capitulated by partisan opportunities.

We must make changes to face the reality that concerns our energy package. By addressing this package, together with a number of other initiatives, we would be able to start a concrete walk to our destination. In the face of the economic downturn, we are putting a halt to incentivising waste, which is what we effectively had before these new tariffs.

We must realise that money will now be spent on incentivising families and the industries to invest in alternative sources of energy, not subsidies that served as a cover up to the real prices of energy.

With the international situation being what it is, the government is using the budget to take pro-active a, responsible and prudent steps toward maintaining the stability in our economy, through what many are calling perhaps the hardest times in a couple of decades.

This budget plans to give incentives to the economy whilst caring for the environment. It was purposely made to reflect what is happening around us and within an international scenario. In previous years we had known that the economy was to grow by about 3.5 per cent, however with this budget we are projecting a slower growth. This led the minister to rely on prudence and responsibility.

The budget does not only seek to address the needs of the coming year, but rather aiming further for sustainable development. Most all the measures taken are not only there to leave short term results, but in the medium term, leading us up to the government’s Vision 2015.

The announcement of a large investment of around e130 million for wind energy in is-Sikka l-Bajda is extremely positive for all those who wish to see a greater impetus given to the generation of alternative energy means of energy in Malta. This will be another initiative that will serve well and guide Malta well towards the renewable energy targets that have been made. Among these, the European Commission proposes that Malta should produce 10 per cent of its energy from renewable and clean sources of energy, and this is a concrete step in that direction.

By addressing medium term investment programmes the finance minister has responsibly attempted to direct ideas and funds at enhancing our most vulnerable sectoral pockets such as small and medium enterprises and tourism.

We can say that this budget provided a response to rather than evading, which challenges that lie ahead of us. It has been justly central to the three values of responsibility, sustainability and solidarity. Let us not be perturbed by manifestations or other theatrics at a time when the world and even our country is in need of mature politics. Let us face the realities affecting the whole world, and face them with resilience and hope as a nation with concrete measures like this last budget.

David Casa is a Nationalist MEP

[email protected]

www.davidcasa.eu