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PR 22-09-2013 Fitch warning not to be underestimated, say Greens

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  • Alternattiva Demokratika
    Alternattiva Demokratika - The Green Party www.alternattiva.org.mt P.O. Box 38, Marsa, MTP1001 *PR 22-09-2013 Fitch warning not to be underestimated, say
    Message 1 of 1 , Sep 22, 2013
    Alternattiva Demokratika - The Green Party
    www.alternattiva.org.mt
    P.O. Box 38, Marsa, MTP1001
     

    PR 22-09-2013
    Fitch warning not to be underestimated, say Greens

    Alternattiva Demokratika the Green Party says Fitch warning is not to be underestimated.  Prof. Arnold Cassola, AD chairperson; said: "Fitch's Malta downgrade confirms yet again AD's concerns about the Maltese economy. The agency is stressing that the Government is focusing on revenue growth without embarking on concrete measures to reduce its expenditure. Of bigger concern is the reduction in income tax which further creates a hole in government finances. It is doubtful whether the Government deficit can be lowered to 3% of GDP by the end of this year. The Pre-Budget document clearly shows that domestic expenditure has declined resulting in loss in revenue from Customs/Excise duties,Licenses,Taxes and VAT.

    "Also of great concern is Fitch's confirmation that Malta's total public debt, including Enemalta and Government guarantees, amounts to a staggering 90% of GDP, in line with Spain,France and UK. AD insists that that the former Nationalist government's and the present Labour Government's misleading habit of quoting the total public debt at 74% of GDP (excluding Enemalta) is merely playing around with figures and is not realistic.
    "Forging ahead with an expansionary budget, after the former Nationalist administration had failed to respond to the fiscal deterioration of 2012, could cause greater problems to the state of Maltese finances," concluded Prof. Cassola.


    PR 22-09-2013
    It-twissija ta' Fitch m'għandhiex tiġi injorata, tgħid Alternattiva Demokratika

    Alternattiva Demokratika tgħid li t-twissija ta' Fitch m'għandhiex tiġi injorata.  Prof. Arnold Cassola, iċ-chairperson ta' AD; qal: "Il-fatt li Fitch naqqsu l-grad li taw lil Malta jikkonferma għal darb'ohra it-tħassib ta' AD dwar l-ekonomija ta' Malta. L-aġenzija qiegħda tisħaq li l-Gvern qiegħed jiffoka fuq it-tkabbir fid-dħul tal-Gvern mingħajr ma ħa mizuri konkreti biex inaqqas l-ispiża. Aktar ta' tħassib huwa it-tnaqqis fit-taxxa tad-dħul li se tkompli tkabbar il-defiċit fil-finanzi tal-gvern.  Huwa dubjuż jekk id-defiċit tal-Gvern jistax jitnaqqas għal 3% tad-dħul gross domestiku (GDP) sal-aħħar ta' din is-sena.   Id-dokument ta' qabel il-Budget juri biċ-ċar li n-nefqa domestika naqset. Dan wassal għal tnaqqis fid-dhul tal-Gvern minn dazji, SISA, liċenzji, taxxi u VAT.

    "Ta' tħassib kbir ukoll hija l-konferma ta' Fitch li d-dejn pubbliku totali ta' Malta, inkluz l-Enemalta u l-garanziji mogħtija mill-Gvern, jammontaw għall-persentaġġ enormi ta'  90%  tal-Prodott Gross Domestiku, simili għal dak ta' Spanja, Franza u r-Renju Unit. AD tinsisti li d-drawwa qarrieqa tal-Gvern Nazzjonalista ta' qabel u tal-Gvern Laburista preżenti li jikkwotaw dejn pubbliku totali ta' 74% tal-GDP (mingħajr ma jinkludu l-Enemalta) huwa biss logħob bl-istatistici u mhux figuri realistiċi.

    "Li l-gvern Laburista jibqa' għaddej b'baġit espansjonarju, wara li l-amministrazzjoni Nazzjonalista kienet naqset li tindirizza id-deterjorament fiskali tal-2012, jista' joħloq problemi aktar serji għall-istat tal-finanzi Maltin," ikkonkluda l-Prof. Cassola.
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