PN slams past, present PL governments over squandering of public funds

The Nationalist Party has blasted government for its “squandering” of public funds in light of two court rulings delivered this week. 

The court rulings entitle the heirs and shareholders of the defunct National Bank of Malta to €111 million in compensation. The National Bank was nationalised after a run on its reserves in December 1972 by depositors that were spurred by massive withdrawals from government-owned companies. Shareholders, many of them linked to Malta’s old nobility, were left without any compensation by the Mintoff administration of the time.

In a statement on Wednesday, the PN said that Maltese taxpayers now have to pay for the past Labour government’s negligence. “It’s not enough that the Labour government is ploughing ahead with its unsustainable spending,” the PN noted. 

The PN’s shadow minister for finances, Graham Bencini highlighted that government has amassed a debt of some €10 billion by the end of last year, and that this is expected to increase by three billion euros in the next two years. 

Bencini reminded how government keeps on exceeding its budget on capital projects, a move which is leading to unnecessary strains on public finances. Government’s attitude of awarding those closest to them through extravagant salaries was also noted by the PN. 

Bencini concluded by saying that public finances should be used to help citizens and businesses in overcoming their daily financial struggles, and not to pay for bad decisions taken by past and present PL governments.