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The next budget will be a responsible one that will continue to prioritise economic sectors through the creation of jobs and more economic growth, Finance Minister Tonio Fenech said.
Speaking during the launch of the pre-budget document this afternoon, the minister noted that the gross domestic product contracted by one per cent in the first quarter, namely because of the €25 million poured into Enemalta’s coffers to make up for increase in the price of oil so that bills could remain unchanged.
Despite this, he said, Malta was performing better than the EU average.
Asked whether the 2.2 per cent deficit target was still achievable since the country was already €45 million off target, he said it was and the aim was to continue reducing the deficit by 0.5 per cent each year.
Mr Fenech said that the main aim of the budget would be to strengthen fiscal stability with an objective to continue towards the achievement of a balance budget and a prudent reduction of debt levels to bring these to under 60 per cent of the gross domestic product.
Other aims will be the inclusion of the balanced budget rule in the Constitution and to continue to use taxes to incentivise economic growth.
Mr...