Updated | Joseph Muscat sworn in as Prime Minister today

39-year-old Joseph Muscat was sworn in as the thirteenth Prime Minister of the Maltese Islands today at 11:30am at the President's Palace in Valletta.

Crowds of flag-waving party faithful flocked to Valletta to see the first swearing in of a Labour Prime Minister in 15 years. The streets were also busy with carcades, either on the way to Valletta, or on the way back.

The crowd was particularly busy in St George's Square outside the Palace where Labour supporters, old and young waved Maltese and Labour flags, with a couple of gay rainbow flags also visible.

Muscat strode down Republic Street to greet the crowd accompanied by members of his security entourage but also by party chief executive James Piscopo and communications coordinator Kurt Farrugia.

Ms Michelle Muscat also accompanied her husband, with their twins Soleil and Etoile in tow.

Speaking to the press from the balcony overlooking St George's Square shortly after the ceremony, the newly-sworn in Prime Minister said that Labour's victory represents "a generational change in politics", and reiterated his administration's priorities would be its economic and energy policies.

"The minister responsible will be hitting the road running upon appointment, so that we reduce utility rates as planned," Muscat said.

"We are preparing plans to reconvene parliament, as early as possible, after Easter," he added, with a mind to approve the long-delayed 2013 budget as soon as possible.

Muscat said he spoke to UK Prime Minister David Cameron yesterday: "No change in priorities with the new government," the Prime Minister said, while adding that he also spoke to PES officials.

"This government will be a 'European' one," he affirmed.

Muscat also outlined the Labour government's approach to its upcoming legislature, pointing towards the need to start redrafting laws, to remove prescription on political corruption, enact the Whistleblowers' Act and also party financing laws..

"This agenda will be rather pressing," Muscat said.

After his brief speech, Muscat was driven to Castille, the seat of Malta's government. While Muscat rode in style, other PL executives opted to make the trip on foot. Among them was also Nationalist MP Jeffrey Pullicino Orlando.

At 12:45pm, Muscat strode up the steps of Castille towards what will be his new office for the coming five years. OPM staff lined the stairs, ready to greet their 'new boss'.

The party is expected to last all day long while the rest of the country is at a standstill with shops and business closed.

Meanwhile, the counting process at the Naxxar counting hall is still ongoing with some districts reaching an advanced stage and others still in the initial stages.