So now it is official. A general election will be held on March 26, 2022. The day after our beloved nation goes to the polls it could well be good luck for either the incumbent PM Robert Abela or the current leader of the opposition, Bernard Grech.

With the current economic climate, whoever is elected to power it will surely be no joy ride. In his speech announcing the general election PM Robert Abela, whom on a political level is looking forward to attain a popular mandate to govern for another five years, is boasting about the Maltese economy registering a growth rate of circa 6% throughout the current calendar year. Whilst that can be considered to be a positive outcome post the economic fallout from COVID-19, yet one has to visualise what the real growth rate will be. With the current rate of inflation, that 6% might be halved in real terms.

Moreover, it is appropriate to ask whether interest rates will be increased or not. Before casting our vote, it is imperative that we are made aware whether interest rates will change or not. If the ECB recommends such an increase, then it will be crystal clear that any existing debt will incur increased interest charges. Those increased interest charges will not discriminate between individuals still paying back a home loan and those business entrepreneurs servicing a business loan or overdraft.

Also, to mitigate increased inflation government is currently subsidising energy prices to the tune of €2.5 million a month. Will such subsidisation continue to exist after the general election? If not, it is clearly evident that the cost of living will continue to increase impacting negatively the disposable income of hard working families. A quick look at what is happening to households within mainland Europe requires no arduous effort to visualise what the repercussions on the local scenario will be once such subsidies are brought to a halt.

Indeed, the country’s war chest too has its limits and, therefore, PM Robert Abela should come clear with the electorate about these bread and butter issues and explain thoroughly what his economic plans are in the run up to the general election.

The bread and butter issues explained above could pretty well fuel Bernard Grech’s bid for the premiership. The leader of the opposition, is adamant to ensure that Malta, exits from the current grey listing within three months. Although, that is much desirable as well, unless the leader of the opposition gives further explanations as to how he aims to get there in concrete terms, I find myself somewhat sceptical that such is doable.

While PM Robert Abela has made reference to improving further good governance the recent revelations continue to raise a few eyebrows.  Hopefully, the voting population will be made aware of the truth in the run up to polling day. In being objective, the Nationalist Party has had its share of bad governance in the past e.g. the unending saga relating to the oil procurement scandal. Although not related to this instance, David Thake too had to tender his resignation for the well-known reasons, in recent weeks. In a nutshell this is surely a highly sensitive issue which merits a lot of thought in any discernment when going to the polls.

All in all, whilst there is always a price to pay for confirmed corruption cases yet individual citizens will be counting how the current economic climate will impact on their disposable incomes. So, this coming election will surely be decided upon the bread and butter issues affecting Maltese families. Are we better off or worse off since 2017? Although, the Labour Party has its own track record in managing the economy yet it would be a terrible mistake to rest on its laurels. As the English saying goes a week in politics is a long time!

Dr Ivan Grixti is a senior lecturer in Financial Accounting at the University of Malta