Promise kept: PN costs its manifesto proposals at €6 billion

The Nationalist Party has kept its promise and has provided the its financial model to cover the costings of its 2030 vision, with a €5.97 billion spend.

The PN has projected it will cover the cost of its 550+ measures through economic growth, which would earn the country €42.6 billion over eight years, whilst creating 32,500 new high-end jobs with an average salary of €43,000.

“This is the first time a political party in Malta is not just saying how it will spend taxpayer money, but is also providing detailed projections of how it intends to grow the economy," the PN said in a statement.

PN was quick to publish its manifesto for the 2022 election and made sure to stick it to the Labour Party, for publishing its own a fortnight later.

The financial model includes a stimulus programme for the country’s existing high value-added sectors and the creation of 10 new economic sectors. The sectors include metaverse, compliance and due diligence, robotics, 3D printing, artificial intelligence, e-sports, video game production, strengthening the sports industry by linking it to medical and tourism sectors, the energy sector and social enterprises.

PN said that by 2030, the existing sectors are projected to have added another 18,160 jobs and contributed an additional €18 billion to the GDP, while the new sectors are projected to have added another 14,355 jobs and contributed €24.6 billion to the Gross Domestic Product (GDP).

The PN programme aims at generating an additional real economic growth of 6.9% over the current projections. 

By 2027, incremental government income from the PN’s programme is projected to reach €830 million annually, without increasing any taxes, social contributions or VAT.

The document also lists the €2.8 billion costing of the Trackless Tram system, part of which will be covered in the infrastructural budget set out in the €5.97 billion, while the rest will be raised through EU funds and private financing.