Prolonging the current political situation could kick-start a recession – MACM

The Malta Association of Credit Management (MACM) expressed itself as “profoundly concerned about the current situation prevailing in Malta”. Prolonging this situation, said MACM, would also have a negative effect on potential foreign direct investment, which may result in cash flow issues within our economy leading to defaulting or late payments by businesses. “Issues with the solvency of businesses would, in turn, affect employment and kick start a spiral economic recession,” said MACM.

MACM said that the negative sentiment hanging over the Maltese islands and the unstable political situation are having a damaging effect on the reputation of Malta, both internationally and locally. Should this situation prolong, said the MACM, it may possibly have irreversible repercussions on the local economy and foreign direct investment. In order to avoid further damage to our reputation and economy, the MACM appealed for immediate actions to be taken to return the Maltese Islands to normalcy, to prevent any further negative consequences on businesses, trade and our society at large.

Immediate measures to ensure good governance are necessary said the MACM. “These are not only important but also imperative to rebuild trust in the institutions at this critical and utterly sensitive stage our country is at,” said MACM. Justice has to be served and is to be carried out without any conflicts of interest whatsoever. Political responsibility and accountability should be presumed and shouldered accordingly added the organization.

MACM expressed the hope that those who are responsible will take the necessary measures with no hesitation to the benefit of the nation and place the national interest above partisan and personal benefits.