Malta spent €122 million more than estimated in the last budget

Miguela Xuereb

Tista' taqra bil- Malti.

Finance Minister Edward Scicluna said that Malta has spent €122 million more than was estimated in the last budget.

The government is expected to present a recovery budget on Monday 8 June. The emergency budget is aimed at offering incentives to businesses and regenerate the economy.

On Tuesday, Scicluna held a virtual meeting with social partners and members of the MCESD. The meeting was held as part of the preparations for the Recovery Budget which will be unveiled on Monday.

During the meeting, Scicluna provided recent statistics from the first quarter of the year, where he said that Malta spent €122 million more than estimated in the last budget. The current expenditure was €537 million while the budget estimate was €415 million. If one excluded the money spent on coronavirus measures, €93 million in April, the spending fell to €444 million; this is a difference of €29 million from the estimated €415 million, Scicluna explained.

Speaking about the recovery budget, Scicluna said that this was aimed at helping businesses get back on their feet. He noted that unemployment was kept below the 4,000 mark despite the negative impact the coronavirus outbreak has had on the local economy.

Minister Carmelo Abela who was also present for the virtual meeting said that the country has made sacrifices to ensure the safety of the public. He added that the budget was aimed at helping set initiatives to help the economy and businesses.

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