Malta should increase its fight against corruption – IMF

Financial experts suggesting Malta implements reforms against money laundering

Economy
Economy

Tista' taqra bil- Malti.

IMF has stressed on the issue that Malta needs to increase its fight against corruption. It is suggesting that Malta implements reforms against money laundering and maintain a structural consolidation excluding proceeds from the selling of passports.

This was stated by the International Monetary Fund (IMF) after an official annual visit by IMF financial experts.

It was also stated that Malta has been experiencing economic growth. IMF financial experts said that due to certain reforms Malta had a positive impact when it comes to employment. They also mentioned the influx of foreign workers in a short period of time and how this affected negatively the country’s infrastructure, the management of natural resources and accommodation.

The government has reacted to what the IMF has stated and interpreted it as another positive economic report for Malta. The government said Malta will continue implementing its programme to strengthen the economy.

In its statement, the Government does not make reference to the points mentioned by the International Monetary Fund on corruption and money laundering.

Finance Minister welcomes EC economic forecast

The Ministry for Finance and Financial Services welcomes the 2020 Winter Economic Forecast published on Thursday by the European Commission.

The Ministry for Finance said in a press statement that this report follows the 2019 Autumn Forecast, in that it expects the Maltese economy to record the highest GDP growth rates in the EU for years 2020 and 2021.

Minister for Finance and Financial Services Edward Scicluna stated that he is pleased to note the European Commission is confirming that economic growth is successfully being sustained for the foreseeable future.

According to the Winter Economic Forecast, the European Commission expects Malta’s economic performance to remain buoyant despite a weaker than expected recovery in the European and global economy.

While Malta’s economic performance is expected to remain buoyant, GDP growth is forecast to moderate further to 4.0% in 2020 and 3.7% in 2021. Private consumption is set to gradually moderate, reflecting a slowdown in job creation.” This was the assessment of the Winter 2020 Economic Forecast published on Thursday.

The Ministry for Finance explained that the 2020 Winter Economic Forecast foresees economic growth to be fuelled by investment and net exports and that private consumption is also expected to contribute to growth.