Prime Minister Robert Abela said on Monday that Budget 2027 is "certainly the only progressive budget in all of Europe."

Giving his first remarks following this year's annual budget speech by Finance Minister Clyde Caruana, Prime Minister Abela said that this year's budget, "beyond the generosity on display, shows clear direction" for the country over the next year, the next 10 years ahead, and beyond.

Abela stated that Budget 2027 amalgamates to a total sum of just under €11 billion.

The Prime Minister said that if one had to combine the financial allocations being distributed for the health and education sectors in Budget 2027, this would amount to €3 billion. Similarly, the social sector alone totals to nearly €2 billion by itself, Abela added.

"I dare say that my [European] counterparts would love to implement such a progressive budget, but their countries' fiscal situations do not permit them to do so," Abela said.

While referring to the turbulent geopolitical situations occurring around the world, such as the ongoing situation around the Strait of Hormuz that continues to impact global oil prices, the Prime Minister remarked that "nowhere in Europe - and dare I say, anywhere in the world - is there any country providing as much stability and peace of mind as we are here."

"In other EU countries, instead of increasing benefits, they are requesting increased sacrifices," Abela stated in reference to frustration across mainland Europe, which he attributed to the consequences of austerity policies.

Abela commented that the Maltese economy will continue to expand at a healthy rate while his government pledges an "absolute guarantee" to keep electricity and fuel prices stable through the government's energy subsidies.

"We have been doing it for years now, and we guarantee this to continue in the coming years," he said, "The stronger the storm - and this one is massive - it is more crucial to protect families and our businesses."

He mentioned that in 2026, the Maltese government is projected to fork out €392 million from public finances to sustain the energy subsidies and keep electricity and fuel prices at the levels they have been frozen at for the past few years. He reiterated that another €400 million has been sidelined to keep these subsidies going next year.

Prime Minister Abela noted that his government has kept firm in keeping its word on major electoral pledges in what is its first budget for this legislature, since its re-election a few months ago.

The announcement of the Super Bonus was referenced, as well as how its provision "is only possible because of our strong, resilient economy." Abela said that Malta's strong and expanding economy is what allowed his government to invest so strongly in several sectors and in the island of Gozo.

The Prime Minister noted that while Malta has enjoyed economic prosperity and resilience, "the evolution of that unique economic process must continue."

"We must have the courage to change and evolve, but the economic recipe gave us a lot," he said.

Abela said that the Maltese economy must be better geared towards prioritising improved added value, over workforce expansions. He noted that this direction was bolstered through this budget's measures.

He concluded that the greater the challenges that this country may face, "the more this country will shield our people and businesses" to allow economic prosperity to continue. Abela added that Budget 2027's measures will have a positive impact on quality of life and on the wellbeing index.

While giving these remarks, Prime Minister Abela paid his respects to the memory of Frank Portelli, who passed away this evening aged 82.