Maltese PM Puts Positive Gloss On Economic Results
Tax-news.com
30 October 1999

During a press conference to present the achievements of his government's first year in office, Malta'a PM Eddie Fenech Adami said that the financial deficit would be only 4% this year, taking in the proceeds of the sale of Mid-Med Bank to HSBC. It would be 9.5% without those proceeds; down from the yawning 12.5% in 1998 but still too high for a country with high debts - Central Government debt at the end of September stood at $2,027m, representing 55% of GDP, up from 50% a year ago. This may not sound too bad, but when state-owned enterprise debt is added, the figure comes close to 100%. Other recent news included unemployment slightly down at 5.5% and inflation well under control at 1.73%. The all-important tourist industry showed a 9-month rise in arrivals of 3.4% and in receipts, 7%, over the same period last year.

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