The Treasury Department published its Annual Borrowing Plan for 2026, announcing that the central government's borrowing requirement for this year shall not exceed €1.9 billion, a Finance Ministry statement said.

The government is expected to rely primarily on Malta Government Stocks (MGS) as its main funding instrument. The statement said that three to four bond issuances are planned over the course of 2026, though the timing will remain flexible to respond to market conditions.

Nearly €958.5 million is earmarked for the redemption of outstanding Malta Government Stocks and other securities reaching maturity throughout the year.

A further €852 million will go towards financing the central government's Consolidated Fund Deficit, while the remaining portion will be used for debt portfolio adjustments in line with government debt management policies.

In addition to domestic bond issues, the Treasury may also tap loans or credit lines from international financial institutions, including the European Investment Bank, and carry out switch or rollover operations targeting institutional investors.

The 2026 issuance programme will include a mix of short-, medium- and long-term maturities. Specific terms, including coupon rates and maturity dates, will be announced one to two weeks ahead of each issuance, the statement said.

Alongside longer-term borrowing, the government will continue to issue Treasury Bills through weekly auctions, typically held on Tuesdays with settlement two days later.

These will cover maturities ranging from 28 days to one year, with a monthly issuance calendar published in advance in the Government Gazette, indicating the tenor, auction date, and settlement date for the following month, it said.

The Treasury Bills Prospectus may be viewed in the General Information on Treasury Bills page of the Treasury Department website at https://treasury.gov.mt/wp-content/uploads/2025/11/General-Information-on-Treasury-Bills-ENGLISH.pdf