An IMF (International Monetary Fund) delegation visited Malta recently as part of the organisation's bi-annual Article IV Consultation Mission aimed at monitoring economic developments in member countries to ensure stability in the global financial system is maintained.
According to reports in the Maltese media last week, the delegation met with officials from the Federation of Industry (FOI), who discussed the challenges facing Malta's economy over the coming years.
The Malta Business Weekly, reporting on the meeting, revealed that the FOI had expressed concern that the decline in the structural deficit over the past few years was achieved via tax increases rather than a reduction in government expenditure, observing that current tax levels in relation to GDP are very high for a developing country, at more than 40%.
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