AD calls for general elections amid Moody’s downgrade

Alternattiva Demokratika has reiterated its call for the general elections to be held imminently following Moody's downgrade of Malta's credit rating.

Last night, Moody's Investors Services said Malta was facing deteriorating growth prospects that will expose the government to "constrained, higher-cost" funding conditions. Malta was one out of six eurozone nations to have their rating downgraded by the agency.

"It is a fact that current economic turmoil at EU and global levels have a great impact on the Maltese economy, which is an open economy. Yet, the behaviour of MP Franco Debono and the political maneuvering of the Nationalist Party are not helping things," AD chairperson Michael Briguglio said.

He said that the political instability "risks acting like a snowball", causing economic instability. To date, he added, Malta has managed to avoid this notwithstanding the fact that the labour market is
characterised by increased exploitation and precariousness.

"Despite the fact that our economy is too reliant on unsustainable activities such as
over-dependency on fossil fuels and on the building industry, Malta has managed to avoid economic instability," Briguglio acknowledged.

"Given that the Nationalist Party does not hold a parliamentary majority, and given that Franco Debono has apparently decided to keep the country guessing on his next political move by issuing vague statements, the only way out is a general election," he said.

Briguglio added that national consensus was needed to adopt electoral reforms that guarantee "true pluralism". 

"The PN's decisions on parliamentary sittings and its leadership contest are simply strategic ploys to give time to the Party to take advantage of its incumbency, also by gathering data on non-voters in the upcoming local elections," he said.

Briguglio was referring to the government's decision not to convene parliament unless all government MPs are in Malta and Prime Minister Lawrence Gonzi's decision to put his party leadership at the scrutiny of the PN's general council.

"In relation to structural problems in public finance, government should adopt sensible economic policy, efficient public spending and progressive and socially just fiscal measures.

"Progressive tax should be prioritized, together with a battle on tax evasion, and tax on third vacant property onwards. Otherwise, Malta's debt risks spiralling, to the detriment of the social, environmental and economic needs of the country," Briguglio said.