Labour confident of economic improvement

The International Monetary Fund (IMF) report on Malta confirmed the positive outlook and the growing confidence on the market as a result of greater political stability, Labour said.

"This contrasts with PN leader Simon Busuttil's doom and gloom, when he had predicted that Malta would need a bail-out if Labour is in government," Labour said.

Labour added that "Joseph Muscat's government is giving the economy a clear direction while dealing with the problems inherited from the Nationalist government."  

The IMF report noted that the Maltese economy's average growth gave it the best performance in the euro area, despite its deteriorating fiscal position and a high public debt.

The International Monetary Fund's concluding statement to its Article IV monitoring of the Maltese economy, released 15 May, found Malta's resilience had been backed by its sound banking system and robust growth in exports.

FULL REPORT Article IV Concluding Statement

The IMF also said it supported the new government's plans to diversify energy production, but warned that reducing energy tariffs must complement a reduction in costs of generation and restructure Enemalta's financial situation.