The Malta Independent 23 June 2024, Sunday
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Malta welcomes the European Commission’s revised assessment of draft budgetary plans

Tuesday, 10 March 2015, 15:52 Last update: about 10 years ago

"Malta welcomes the European Commission’s revised assessment of its draft budgetary plans presented with other euro area countries."

This was stated by the Minister for Finance Prof. Edward Scicluna during a Eurogroup meeting held in Brussels on Monday 9th March 2015.

He further said that “Malta’s reduction in the debt ratio planned for 2014 has been achieved. We are confident that soon we will be able to report the same for our fiscal targets. We therefore look forward to an abrogation of the excessive deficit procedure.”

“In the meantime we remain committed to undertake further structural reforms in 2015,” he added. “Malta is ready to undertake the necessary structural effort required in line with the requirements of the Fiscal Responsibility Act and the requirements of the Stability and Growth Pact. The reforms are bearing fruit, and each quarter over the last two years the rate of economic growth has been accelerating.”

During the Eurogroup meeting, eurozone finance ministers also discussed the latest proposals by the Greek Government, noting that policy discussions need to be based on fact-finding by European Institutions.

There was a general concern that the liquidity situation in Greece is deteriorating, and that not enough is being done to assess the situation in a timely manner. The need for caution in communication was also stressed to ensure consistency of message. The Greek Finance Minister assured the Eurogroup that the Greek Government is eager to start technical discussions in order to conclude its review.

During the ECOFIN meeting held on Tuesday 10th March, the Minister also joined his colleagues in Council in supporting the Presidency's text on the Investment Plan for Europe (the so-called ‘Juncker Plan’).

Minister Scicluna stated that many of the Commission's proposals especially in the area of transportation, energy, and ICT are of special interest to Malta, and will find the Maltese Government's full support.

For the meetings, the Minister for Finance was accompanied by the Permanent Representative Ms Marlene Bonnici and Permanent Secretary Mr. Alfred Camilleri.

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