The European Commission expressed its satisfaction regarding Malta’s updated convergence programme as it achieved the economic and financial targets set by the EU. During the European Council of Finance Ministers meeting, it was stated that if the Maltese government maintain its present efforts, the country’s deficit will be reduced to 2.7 per cent, The Times reported.
Prime Minister Lawrence Gonzi who attended the ECOFIN Council told the local newspaper that the Maltese government is ready to keep the country on the right track, while assuring that the benefits that resulted for these positive results are equally divided.
Dr Gonzi emphasised that Malta’s economic growth reached 2.5 per cent in 2005, which is below the EU average. He explained that this fact might have helped the country’s deficit to decrease further.
The Prime Minister also said that the government’s next step is to introduce several reforms, including a reform in the income tax. He added that the tax reform commission is expected to present its suggestions by the end of June this year.
Dr Gonzi was accompanied by the Parliamentary Secretary for the Ministry of Finance Tonio Fenech.
See also:
Malta on track to correct excessive deficit by 2006-EU
By Roseanne Sammut - Feb 22, 2006, 20:22 CET
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