UK-based ratings agency, Fitch last week warned that to remain outside the European Union could damage Malta's creditworthiness, and prove detrimental to the country's economic progress.
In a report released on Thursday, the ratings agency announced that: 'The move to join the EU has been forcing radical changes on many aspects of Maltese life,' and continued: 'Staying out would damage Malta's creditworthiness unless...government were clearly determined to retain and develop the parts of the EU acquis that are starting to enhance the efficiency and competitiveness of the Maltese economy.'
A referendum on EU membership is planned for spring 2003, and although - according to a Malta Independent report - opinion polls currently show that a small majority of Maltese residents are in favour of joining the European bloc, the jurisdiction is still deeply divided over the issue.
Assessing Malta's current economic position, the report observed that: 'Improving tax compliance - helped by an amnesty encouraging the declaration of foreign assets - is aiding revenue, but the government may find it hard to restrain spending ahead of next year's EU referendum and general election.'
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