'Indications strong' government may end 2013 with a deficit under 3% – Scicluna

After the European Commission placed Malta under the Excessive Deficit Procedure for the fiscal slippage registered in 2012, Finance Minister Edward Scicluna this evening announced government may have ended 2013 with a deficit under 3%.

Scicluna said the government's accounts were finalised last week and the indications are positive.

"While 2012, the consolidated fund registered a deficit of €342 million, we managed to cut down this deficit by €120 million," the finance minister.

Addressing the Annual General Conference of the Labour Party, Scicluna said he would be in a position to give more details in the coming weeks after the accruals are presented to the European Commission.

"We could then formally announce that we have closed 2013 with a deficit under 3%," he said.

Scicluna reserved his final comments for the Individual Investor Programme, a scheme he now praised for the "wealth it is going to create".

"Lots have been said about the scheme... volumes were written. But all that was said only showed that the Opposition was scared of one thing: that the government will have the funds to invest and generate wealth," he said.

Scicluna said it was the Nationalist Party who should be "ashamed" for leaving behind him debts.