A lot of rhetoric has been expended on the national debt and how fast it is rising. It's true that it has increased though in comparison to the annual Gross Domestic Product it has decreased and is well below the level that euro member states are expected not to exceed.
What gets less frequent mention are the so-called government contingent liabilities - that is, the guarantees which the government extends on loans issued by banks to some of its entities (like Enemalta) or, for some reason or other, to private enterprises, or on loans made on an international basis to private or state organizations abroad. On the basis of the guarantees, the government is accepting to make good for such loans if they are allowed to lapse and the capital is not paid back, not to mention the interest payments on them. Up to a few years ago, the Financial Estimates published with the budget would include an up-to-date round-up of contingent liabilities. It no longer does so.
As at end 2024, contingent liabilities stood at close to 1.2 billion euros of which 42 percent were attached to external transactions. Quite a big amount: but it appears that between the years 2012 and 2023, as a percentage of Gross Domestic Product, they shrunk from more than 15 per cent to less than 6 per cent.
It would not be a bad idea were this aspect of state finances to be given greater attention.
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VOICE
What does Malta's voice in Europe amount to exactly? Since the days of the campaign to get Malta into the EU at all costs as a full member, the cry has been that with membership, we were getting a voice in all that was being discussed and decided in Europe. It's a cry that has stayed with us right up to the present, as we get told how not only have we acquired a voice, but we've also "achieved" the Presidency of the European Parliament.
In terms of this illusion, as President of the EP, Roberta Metsola speaks with a Maltese voice. This is true with regard to the accent but incorrect in all other respects, for Metsola can exercise some effective particular influence only when acting in the interests of her political grouping.
The reality is that - as was inevitable right from the start - the Maltese voice in Europe was marginal and has stayed that way. The benefits we "brought" from the EU were all predicated on the idea that compared to the claims of other countries, ours were so small relatively speaking, that they could be accomodated.
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DROWNED
A number of foreigners were victims in fatal accidents when swimming in the island's bays. Because they were not familiar with the area and its features, they couldn't be aware of the dangers prevailing across certain stretches of the sea that are quite close to the shore.
These people came to Malta because they were drawn by our tourist attractions on offer, which have enjoyed a big, deserved success. But that same success brings with it the duty to ensure that visitors are afforded full protection. A much wider surveillance of our beaches must be maintained and kept in force... not just during the summer, but covering all the months when tourists - having been attracted by our publicity - come to visit.