Updated 1045
Grand Harbour Revival Could Be Completed Within 15 Years, Architects Say: The architects behind the Grand Harbour Revival Plan say the large-scale redevelopment could be completed within 15 years, provided sufficient funding and long-term commitment are secured. Designed by Chapman Taylor in collaboration with local firm iAS, the phased project focuses on opening the waterfront, expanding public spaces and introducing low-rise commercial, residential, hotel and marina facilities. Funding is expected to rely mainly on private investment through concessions, with some government involvement. The architects insist the plan prioritises public spaces, heritage reuse and sustainability, and argue there is little in the project likely to prove contentious. (Times of Malta)
Six Families Evacuated After Building Movement Reported in St Venera: The Building and Construction Authority (BCA) and the Occupational Health and Safety Authority (OHSA) intervened on Tuesday after structural movement was reported in a building on Misraħ il-Barrieri Street, St Venera. Officials, supported by police, Civil Protection and architects, assessed the site following a call to Helpline 138. While some residents were allowed to return home, six families were provided alternative accommodation as a precaution. The BCA confirmed a stop notice had already been issued on a nearby construction site and movement gauges are in place to monitor the situation. (TVM News)
Eurobarometer: Maltese View US Direction Negatively Despite Slight Uptick: Only 22% of Maltese respondents say the United States is heading in the right direction, while 48% see it going the wrong way and 30% are undecided, according to the latest Eurobarometer survey. Perceptions have improved modestly since May, with more Maltese now viewing the US positively and fewer expressing no opinion. The poll of 500 people was conducted after Malta’s nomination of Donald Trump for the Nobel Peace Prize and ahead of recent US political events. Maltese sentiment aligns with the EU average on US direction, though negative opinions are lower than across the bloc. (Maltatoday)
Morning Briefing
IMF Warns Malta Cannot Rely Indefinitely on Immigration-Led Growth
The International Monetary Fund has warned that Malta cannot sustain further substantial population and labour force growth through immigration without significant policy and structural reforms. In its latest country report, the IMF said that while immigration-driven growth is expected to continue in the medium term, it will inevitably slow, curbing economic potential. Malta’s population reached 574,250 by the end of 2024, with growth largely driven by net migration, particularly non-EU nationals. Despite this, the IMF noted Malta’s robust economic performance, with growth exceeding the EU average and public debt remaining sustainable. However, it cautioned that long-term growth will depend on boosting productivity, strengthening fiscal buffers, and investing in infrastructure and human capital. The IMF also flagged banks’ heavy exposure to property loans as a potential vulnerability. (Times of Malta)
Standoff Over Chief Justice Appointment Deepens Political Divide
Political tensions have intensified over the appointment of a new chief justice, with Prime Minister Robert Abela and Opposition leader Alex Borg trading accusations over the stalled process. Abela insisted he would not “give up an inch” to what he described as decisions driven by malice or revenge, defending the government’s nomination of Judge Consuelo Scerri Herrera, which failed to secure a two-thirds majority in parliament. He accused Borg of backtracking under outside pressure, an allegation firmly denied by the PN leader. Borg, in turn, accused the PM of acting like a “bully” and undermining trust by leaking the nominee’s name before agreement was reached. The deadlock persists despite talks between the two leaders, highlighting deep divisions over one of the country’s most sensitive appointments. (Maltatoday)
Central Bank Governor Says Property Undervaluation Is Diminishing
Central Bank of Malta Governor Alexander Demarco has said that Maltese property was undervalued over much of the past five years, though this gap is now narrowing. Mr Demarco said prices have risen by around 75 per cent over the past decade but are increasingly aligning with fundamentals. While acknowledging that lower-income households face challenges in purchasing property, he dismissed claims that previous generations had it easier, pointing to lower wages and higher relative costs in earlier decades. Demarco noted that Malta’s price-to-income ratio has improved since 2009 and, after 2016, became more favourable than the EU average. Rising incomes, higher female employment and a tighter labour market have all contributed to improved affordability, he said. (The Malta Independent)
