Due to the economic impact of the COVID-19 outbreak in Malta, the country could register a record deficit, Finance Minister Edward Scicluna said in Parliament last night.

During a Parliamentary debate authorising the government to take out a €2bn loan, The minister said that Malta was forecast to have a drop in revenue, and more expenditure that the 2020 budget projections. This, he said, will result in a deficit.

The minister said that nobody could forecast when the crisis would end, and that the government expects a €700 million increase in expenditure, and a €300 million decrease in revenue.

During this period of time, we are on the side of health, and the price for this is our economy, he said.

"Currently, every country is facing this situation and everyone is being affected. The European Central Bank highlights that the European Union is facing a recession, not the Great Depression, but we will face problems," he added.

He highlighted that the virus is temporary, and that once this pandemic passes, it is then when the government can see how the economy is doing

Opposition LEader Adrian Delia said in Parliament that given the extraordinary circumstance, the Opposition was voting in favour of the loan.