Watch: Robert Abela Says EU Deficit Milestone Gives Malta ‘Financial Comfort’ To Keep Investing

Prime Minister Robert Abela has hailed Malta’s expected exit from the European Union’s Excessive Deficit Procedure as a major milestone, saying the decision will allow the government to continue investing in people while delivering on its electoral promises. In a video shared on his social media channels, Abela described the European Commission’s recommendation to remove Malta from the procedure as “very positive news”, noting that the country managed to bring its deficit below the EU’s 3% threshold ahead of schedule. The Prime Minister said the development places Malta in a strong financial position and gives the government greater flexibility to continue supporting families, workers and businesses. According to Abela, the improved fiscal outlook will help pave the way for the implementation of a number of key electoral pledges, including extended maternity, parental and paternity leave, increased support for IVF treatment, housing schemes such as My First Home, My Second Home and My Next Home, as well as further pension increases. He also pointed to a number of major projects that the government intends to push forward, including the regeneration of White Rocks, the Grand Harbour regeneration project, Manoel Island and the MaltaMotion transport plan. Abela said the news provides reassurance that Malta can continue investing heavily in people while maintaining healthy public finances, arguing that economic strength and social investment should go hand in hand. The Prime Minister’s comments came on the same day he unveiled his new Cabinet, describing the coming months as a busy period focused on delivering the government’s priorities. Malta is expected to become the first and only country to exit the EU’s Excessive Deficit Procedure this year after reducing its deficit to 2.2%, well below the 3% threshold required by European fiscal rules. What do you make of his words? View this post on Instagram A post shared by Lovin Malta (@lovinmalta) •