Prime Minister Joseph Muscat today accused Opposition leader Simon Busuttil of scaremongering over China’s minority buyout of Enemalta.

“We reached an agreement with the second largest economy in the world.  We reached an agreement for them to invest in a company that is dragging down both the economy and the taxpayers. Dr Busuttil is still trying to scare people, telling us that the Chinese will have their finger on the light switch. The switch will remain in our hands, and it will not be in Austin Gatt’s hands,” Dr Muscat said to much applause at a Labour event held in Rabat.

The Prime Minister spoke of the difficulties of reaching such an agreement with China, given the dire situation that Enemalta is in.

“Enemalta is in a difficult situation. It’s not easy to find out that you inherited a company with more than €800 million in debt. This week in Parliament, before they left, they said that Enemalta has assets. They mentioned the interconnector. They mentioned the power stations. Do you know what they didn’t mention? Those are all debt for the corporation,” Dr Muscat said.

Dr Muscat poured cold water over comparisons between the sale of Mid-Med bank to HSBC with the minority shareholding taken out by China in Enemalta.

“There is a huge difference between the two. It was easy to sell Mid-Med bank, it used to earn millions. We were negotiating an investment in a company in debt. This shows our negotiation skills,” Dr Muscat said.

Dr Muscat pointed out that the government has accomplished more in six months than the previous administrations did in 25 years.

“We used to question how gas prices went up on a monthly basis, making it impossible for families to plan. They used to put this increase down to international price movements. Nothing has changed internationally in this regards, but this government managed to reach an agreement with the operators in order to guarantee a fixed price for gas. This will offer more stability to both families and businesses,” Dr Muscat said.

Dr Muscat said that the government is striving to create a “fairer and stronger Malta,” where wealth is evenly distributed.

“Our efforts are being noted. Moody’s, a credit rating agency, changed their outlook for Malta. Before the election, I used to say that the credit rating agencies’ outlook was the most worrying factor. After seeing our plan on the deficit, our plan on energy, Moody’s changed its outlook. This will give a boost to the economy,” Dr Muscat .

The Prime Minister said that he is keeping his ear to the ground and continually listening to feedback.

 “I care what credit rating agencies are saying, but I care what people are saying too. People in business are saying that they are finally being given a change to flourish. We are removing the obstacles for SMEs to tender for government work. There will be more choice and competition for the government, and the taxpayer will get more value for money. Businesses are sensing a moment of opportunity,” Dr Muscat said.

Dr Muscat said that “the only people who are being more negative are Simon Busuttil and his Opposition.”

“They are swimming against the current. The population will not give up, despite Dr Busuttil saying that we are the worst country in Europe,” Dr Muscat said, insisting that no politician should ever tarnish his country’s image and reputation.