Malta has received an A+ rating by Scope Rating - a German rating agency, the government said in a statement.

Even though the pandemic did hit Malta as it did other countries, this agency has confirmed that our country has a strong growth potential a sound medium-term fiscal outlook and also a robust external position. The improving of institutional challenges related to the financial oversight and supervision frameworks were also observed and noted.

The German analysts forecast that the country's economy and fiscal metrics are expected to recover in 2022 with a debt returning to a downward trajectory.

They also noted that even during the pandemic, a number of important sectors continued to flourish, amongst them that of IT.

Besides the planning for a successful economy, the foreign experts welcomed the government commitment for better governance. The report stated that the current administration has made substantial progress in terms of control of corruption and rule of law through constitutional amendments and reforms to the judiciary.

On the whole the German report indicated that under the current Maltese administration there is a positive reform momentum and that it is working hard to enforce the financial regulators with the Moneyval and FATF proposed reforms.

Words of praise were also directed towards the financial help given by the Government, which according to Scope Ratings next year will enhance national wealth to a better level than it was before the pandemic.

The vaccination programme is the best in Europe and one expects the majority of population to be vaccinated. The Scope Rating report mentions also the Government's plan for economy regeneration, especially the huge investment in the Maltese infrastructure.

Another important factor will be the substantial European financial package gained by the Government. Thanks to this a good number of essential projects can be financed.