Finance Minister Clyde Caruana has said that no new taxes or burdens will be introduced in the upcoming budget, even as the country faces the effects of widespread inflation and international energy price increases.

Caruana was speaking in a meeting with social partners on their budget proposals, and said that the government will not be going down the route of austerity.

He said that the country is up for the challenge. The minister said that the economic challenges brought about by the Ukraine war are larger than the challenges brought about by the Covid-19 pandemic.

He said that Malta's debt to GDP ratio is under 60% while the average in the Eurozone is around 100%.

If the government did not subsidise energy prices, the upcoming COLA would be around €25, and not €9 or €10 as it is expected to be.

The Finance Minister also said that the country's deficit has to be kept under control, while emphasising that support will remain.

He said that it will be a social budget with measures to cater for the most vulnerable.