Budgetary measures will rack up additional €550 million in debt – Fenech

Branding the budget as an excellent PR stunt, Tonio Fenech says that upon further scrutiny, it is evident that Budget 2014 has been characterised by "miscalculations".

"It's an excellent PR stunt aimed solely at masking the truth," former finance minister Tonio Fenech said, adding that upon further scrutiny it was evident that the budget is littered with miscalculations and incorrect estimates.

"The budget announced a €10 budget increase in license fees. On account of the present tally of cars, this amounts to €2.6 million in income, yet in its estimates, the government is saying that the measure will yield in €17 million."

Bemoaning the government's incorrect budgetary estimates, Fenech said the budget was distorting the truth and purely aimed at presenting a positive picture.

The former minister also lamented the lack of employment creation schemes and inexistent measures aimed at increasing economic activity. "Due to its Alice in Wonderland measures, the government will rack up an additional €550 million in debt, increasing Malta's total debt to €5.4 billion," Tonio Fenech quipped. 

On the controversial citizenship scheme, Fenech stressed that the PN as not against a programme aimed at attracting foreign investors, but insisted that the "sale of the Maltese passport must be complemented by concrete investment."

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