MHRA welcomes government and opposition agreement on Golden Rule amendment

The Malta Hotels and Restaurants Association has welcomed the agreement between the government and Opposition to adopt the Golden Rule amendment in the Constitution.

The Golden Rule Amendment will make it constitutionally mandatory for government to restrict budgetary deficits and limit the growth of the national debt.

"MHRA had been promoting the adoption of this measure with both political parties over the last eight months. MHRA also believes that government should move one step further by ensuring that there is a return to a surplus in the budget to reduce the national debt which is fast approaching €5 billion," MHRA president Tony Zahra said.

"We are particularly pleased to see that where the national interest is concerned our political parties have shown responsibility and maturity and come together on this issue for the benefit of the economy.

"We are now looking forward towards the parties coming together to find a way of returning stability in governance within the democratic process established in our country. Stability is the key to economic wellbeing. "

Zahra said the MHRA recognised the major difficulties buffeting a majority of European Union countries and the impact on the spending power of the EU consumer and the effect this will have on tourism expenditure.

"MHRA believes that all of Malta's energy should be focused on steering the economy through this difficult period which is expected to continue well over into 2013 and probably even beyond. MHRA therefore are urging a mature resolution by the major political parties of the present political difficulty for the benefit of all of the country," Zahra said.