Malta's national debt continues to grow month after month, reaching new record levels, the Nationalist Party said.

"The latest government finance figures published today by the National Statistics Office (NSO) for the period January to October 2025 show that debt has now reached €11,185 million. This figure - over €11 billion - is equivalent to almost €28,000 in debt for every Maltese and Gozitan citizen."

The same NSO data also shows that the government deficit has widened further compared to the same period last year, the PN said. "By the end of October, the deficit stood at €374 million. This represents a deterioration of €471 million, given that in October 2024 the Government's Consolidated Fund had registered a surplus of €97 million."

The sharp increase in the deficit is a direct result of government expenditure surging by €728 million, reaching a total of €6.7 billion, the PN said.

"This comes in the very same week that the European Commission - after carrying out its initial assessment of the Government's 2026 Budget - reprimanded Robert Abela and Clyde Caruana for significantly overshooting their financial targets, particularly on spending. It warned that unless they reverse course on their uncontrolled expenditure, the Commission will have to intervene to ensure Malta complies with EU fiscal rules."

"The Commission also warned that the Labour Government's budget may fail to meet the requirements for Malta to exit the Excessive Deficit Procedure, which the Government pushed the country into in July last year. This is despite the Finance Minister boasting last April that Malta would exit the procedure early. Today's high level of national debt means that the Government of Robert Abela has, in just one year, created €924 million in new debt - equivalent to €2.5 million in debt every single day. It also means that since becoming Prime Minister, Robert Abela has accumulated more debt than all previous Prime Ministers combined - Labour and Nationalist alike."

"As outlined in the Government's own Budget last month, Malta is expected to close the year with debt reaching €11.6 billion, with debt continuing to rise in the coming years. By 2028, it is forecast to hit over €14 billion, a new record. This would mean that while Robert Abela has already doubled the debt accumulated by his predecessors, in three years' time he will have tripled it."

Alongside record debt, the interest burden on taxpayers continues to break records, the PN said. "Between January and October alone, interest on debt exceeded €243 million - almost €1 million every day. Compared to the previous year, interest payments have increased by nearly €28 million."

Despite this spiralling debt and deficit, nothing is being done to address the country's most pressing challenges: the rising cost of living, failing infrastructure, chronic traffic congestion, deteriorating sea quality, and ever-lengthening hospital queues, the PN said.

"And while the government finances continue to slide out of control and interest payments keep climbing, Ministers and their associates remain wasteful, discretionary spending continues unchecked, and scandal after scandal emerges - a clear sign of a Government that has grown tired and has lost control over the country's direction."

The PN statement was signed by Adrian Delia, Shadow Minister for Finance and Jerome Caruana Cilia, Shadow Minister for the Economy and Enterprise