Economic success thanks to ‘financial prudence’ – Scicluna

MFIN

Minister for Finance Edward Scicluna, has emphasized the importance of financial prudence in Malta’s decade-long economic turnaround.

Scicluna told the audience at the Institute for Financial Services annual dinner, that Malta’s economic success is driven by their ‘changing of tack’ in the fiscal management.

This was also driven by the realisation that the country could not rely solely on bankers to make good decisions, ‘we had to become equally prudent in the management of taxpayers’ money, he said.

He explained that the 2008 financial crisis had a huge impact on Malta. The decade previous, had seen Malta running a country deficit of 3.5% and national debt close to 70% in 2012.

In 2018, the Maltese economy has grown almost three times bigger this year, than the EU’s average growth.

This also included increases in job creation and drops in the number of people at risk of poverty and social exclusion, he explained.