Updated - Adds statement in full - The International Monetary Fund (IMF) this afternoon warned that 2012 will be a tough economic year where nothing can be taken for granted but recognised Malta’s progress in the past years to consolidate and give credibility to its public finances.
At the end of a routine visit to Malta, IMF experts said that “the policy challenge now is to balance the imperative of maintaining growth and employment against the pursuit of long-term fiscal sustainability while, at the same time, navigating a very difficult international environment.”
Acknowledging that Malta has made strides forward in the past years to consolidate and give credibility to its public finances, particularly through the reduction of the structural deficit, the IMF warned that the island need to continue on these lines.
“Malta’s resilience to date cannot be taken for granted—continued vigilance is required,” the IMF said in its mission conclusion statement.
According to the IMF, confidence in Malta’s public finances has been shored up by the European Commission assessment that Malta has taken...
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