Tomorrow is Budget Day and, not surprisingly, the talk of the town focuses on the estimates for 2012. The details will only be announced by my colleague Tonio Fenech who, as I write, will be surely adding his finishing touches.
As everybody is now aware, the national budget is just as full of consideration for the European and global context as it is for the national. What happens in the Asian markets as well as what happens closer to home, both to the north and to the south of this Mediterranean island, affects us in no small way. Let’s face it, this has been quite an eventful year, with the revolutions in North Africa, the continuing euro crisis and a motion calling for a vote of no confidence in a senior Minister and a subsequent vote of confidence in Government adding some local flavour to the picture.
Nonetheless, and in the circumstances, we have not fared too badly. Three different credit rating agencies – Moody’s, Standard and Poor’s and Fitch – confirmed our economic and institutional strengths, and they cannot all be wrong. Meanwhile, thousands of new jobs have been created and Malta is currently in fifth place of the EU27 regarding fewest number of unemployed. By the end of September, more than a million tourists had visited Malta and this does not include the number of cruise visitors, which totals close to half-a-million to date. Total expenditure by tourists is estimated at €997.8m, which is a rise of nine percent over 2010.
During the first six months of 2011 there was an increase of 54 per cent in exports according to the Prime Minister at a conference last Sunday. “Malta will be one of the few countries in the EU that managed to bring down its deficit to under three per cent, despite the international crisis.”
The results are truly positive and – contrary to what some would have us believe – nothing just happens. These results are a direct consequence of a country leadership with foresight and an ability to take things foreword.
It is one thing taking the comfortable role of armchair critic and it is another leading the country to weather a storm. Of course, hasty remarks may score some points but, sooner or later, they will come to haunt those who unwisely pronounced them. Last year’s statements by the Opposition leader telling us to emulate Cyprus is a case in point, now that it is known that Cyprus’ credit ratings are being downgraded to ‘BAA1’. The pre-1996 Labour Party election promises of removing VAT and reducing electricity charges later proved to be just as presumptuous, even if they served their purpose of winning power.
Speaking on the motion of confidence in Government, the Prime Minister could not have been more direct. The public transport issue we have faced during the last few months is important but it should not draw our focus away from other priorities. A stable and responsible government is even more essential in times of international crisis if we are to maintain the economic standards we have so far achieved. Tomorrow’s budget will strive to do just that.
Clyde Puli is the Parliamentary Secretary for Youth and Sport