The long list of positive results flooding in from all sectors of the country proves that success is where hard work, positive attitudes and determination meet together.
Five years ago this coming week, a historic majority of Maltese and Gozitans overwhelmingly chose a Labour government. Since then it has been normal to observe unprecedented positive results in the country’s wellbeing. The amount and quality of firsts achieved during our first term in office are undeniable evidence of the diligent planning and hard work put by an innovative and determined administration. Working as a united team around a dynamic Prime Minister, it has never been a case of resting on our laurels but rather striving harder to sustain and improve such achievements for posterity.
From downgrades to upgrades
Last Friday, two international credit agencies, Moody’s and DBRS, gave further upgrades in Malta’s economic rating. DBRS has raised Malta’s rating from ‘A’ to ‘A high’, which is the highest ever rating given to the country. On the same day, Moody’s revised its rating from ‘A3 stable’ to ‘A3 positive’, which is the first upgrade given by the agency to Malta since 2013.
It is worthwhile quoting from both reports that give the country a very favourable economic standing and attractive levels for foreign investment. DBRS says its upgrade is the result of improvement in public finances. “Since DBRS’s latest review, the projection of the general government debt ratio has been materially revised downwards due to more favourable growth prospects and stronger primary balances in coming years”. They are projecting that Malta’s debt will drop to 41 per cent of GDP by 2022, or seven per cent lower than the previous estimates, and that “government is expected to have over-achieved its fiscal targets in 2017.”
Political environment broadly stable
“The Maltese economy continues to power ahead,” DBRS continued, adding that it “remains one of the top performers in the euro area.” A very striking opinion states that “Malta’s political environment is broadly stable” and “the government is making additional efforts to improve governance and strengthen its institutional framework.”
Moody’s explained that their upgrade is based on “Malta’s improving fiscal strength, due to a sustained pace of public sector debt reduction supported by prudent fiscal policy and containment of contingent liabilities.” It reiterates that a surplus of 1.5 per cent was achieved in 2017, against the 3.5 per cent deficit in 2012, with “fiscal consolidation efforts and sustainably strong economic performance.” Moody’s also remarked on the “robust medium-term growth prospects supportive of further improvements in fiscal metrics in future and measures implemented in recent years targeting the labour market.”
Optimism and employment
Both upgrades were followed by the latest European Commission Survey, showing that the Maltese have a high optimism about the state of the economy, which last month stood 33 per cent higher than the result obtained in the year before the first Labour government was elected in 2013. EC data confirms that the Maltese are among the few within the EU who say they are in a good financial position. Companies in the services sector expressed optimism about their future, while those in the retail business say they are expecting an increase in sales.
Only last Friday, Eurostat again reported that Malta has the second lowest unemployment rate in the EU. Among member states, the lowest unemployment rates in January 2018 were recorded in the Czech Republic (at 2.4 per cent), Malta (3.5 per cent) and Germany (3.6 per cent). The highest rates were observed in Greece (20.9 per cent in November 2017) and Spain (16.3 per cent).
The number of people registering for work in January stood at 2,000 – down by 30.8 per cent from January 2017. The fact that the largest fall in registrants was recorded among people who had been registering for less than 21 weeks confirms the amount of job opportunities created in recent months.
Positive results for Gozo
Tourism figures for Gozo also recorded positive results. The total number of guests and nights spent in Gozo and Comino during the last quarter of 2017 increased by 13.7 per cent and 9.2 per cent for the same period in 2016, to 21,643 and 72,054 respectively. Between October and December – usually regarded as the low season – the net occupancy rate increased by 3.3 percentage points to 42.7 per cent. In 2017, the total number of guests in Gozo and Comino amounted to 97,781 – an increase of 12.6 per cent over 2016, when the figure stood at 86,866. The net use of bed-places increased to 49.8 per cent.
To the Gozo Ministry and to everyone involved in this important sector, it is greatly satisfied to note the strong interest received following a call issued by Gozo Channel for a preliminary market consultation to find a partner for the fast ferry service. The first phase of the procedure closed last week, with the company receiving seven proposals to be considered, with a majority coming from foreign operators. The call was very well-received by both local and foreign operators and this bodes well for Gozo Channel being able to submit its bid in the coming weeks to deliver the services between the two islands.
Gozo for Easter
Once again, preparations for Holy Week and Easter events around Gozo are fully geared up for yet another thematic period that will attract thousands of visitors. Plans indicate that this time, too, Gozo will be the place to be for Easter, with a full programme of activities planned for the fifth Gozo – Art, Faith and Tradition, which I launched last week.
The Easter in Gozo programme has become an established part of the vast cultural calendar offered on the island, making it an attractive destination throughout the whole year. The unique experience will include the solemn liturgy in all churches, together with concerts of sacred music, processions, pageants, Last Supper exhibitions, visual arts and several activities for children. With the collaboration and experience of everyone in the religious, cultural and business aspect, a packed programme of events has been created to suit everyone’s taste.
Two eminent Gozitans
The sudden loss of music genius Professor Joseph Vella has been commented upon – and commemorated – widely, both locally and overseas, highlighting one aspect or another. Hailed as a giant of contemporary Maltese culture, the highly respected maestro was director of the La Stella Band for the past 48 years and musical director of the Astra opera house, where he invariably conducted the Malta Philharmonic Orchestra – of which he was the first resident director.
On the eve of his demise, I attended the donation of his rich musical archives to Il-Ħaġar Museum. The huge crowds that lined the streets in Victoria yesterday for the funeral cortege as it made its way towards an already packed St George’s Basilica, expressed the heartfelt national farewell to an icon of musical integrity and a stalwart of love for his beloved Gozo and its culture.
Another prominent Gozitan from among St George’s community in Rabat, Monsignor Alfred Xuereb, has been elevated by Pope Francis to be ordained Archbishop and appointed Apostolic Nuncio to South Korea and Mongolia. Mgr Xuereb was first assigned to the Pontifical Lateran University in 1991 and to the Vatican’s Secretariat of State in 1995.
He served as secretary to Pope Benedict XVI and then to Pope Francis, upon his election in 2013, when he was appointed to the Pontifical Commission on the organisation of the economic-administrative structure of the Holy See. A year later he was appointed to the Secretariat for Economic Affairs. His Grace Archbishop Xuereb’s distinguished career is not only an honour for him but for the Church in Gozo – the birthplace of so many other prelates serving the Catholic Church around the world.