Updated 1100
Economy to continue outperforming EU countries but challenges ahead, IMF warns: The IMF praised Malta’s strong economic performance, predicting it will remain among Europe’s top growth performers despite a moderation. However, it emphasised the need for structural reforms, including revising energy subsidies to target basic consumption and reinvesting savings in green projects, innovation, and health. It warned of risks from inflation, real estate market vulnerabilities, and regional conflicts. Recommendations included strengthening banks’ safety nets, improving data on commercial real estate, enhancing climate action, addressing labour shortages, and boosting STEM education. While commending anti-money laundering efforts and female workforce participation, the IMF urged further reforms in the justice system and R&D investment. The report also highlighted infrastructure pressures from tourism and foreign workers, urging long-term planning. (Times of Malta)
MAM council gets vote of confidence: The Medical Association of Malta’s council unanimously backed its leadership, including President Martin Balzan, General Secretary John Paul Tabone, and Vice President Jeffrey Bonnici. It also approved directives limiting operations at primary healthcare centers to Paola, Mosta, and Floriana on January 24 and 28. The union declared a trade dispute with the government, citing a lack of consultation over transferring patients to private hospitals. Meanwhile, 200 doctors have petitioned for an extraordinary general meeting, calling for a no-confidence vote in the leadership. They raised concerns about governance, communication, and recent decisions, requesting the meeting be held within ten days. (The Malta Indepenent)
Malta’s largest cab company has licence revoked: Malta’s largest cab company, WT Global, has had its operating license revoked in a regulatory crackdown, alongside TXGO. WT Global, the country’s largest ride-hailing operator with a fleet growing from 269 to 309 vehicles in 2024, saw its vehicles removed from platforms like Bolt and eCabs. Transport Malta has intensified action against illegally parked y-plate vehicles, which must be parked off-street or in garages. Investigations revealed cab owners often listed random garage addresses on applications, bypassing regulations. This led to the removal of 900 vehicles, with the total suspended licenses now reaching 1,400. The crackdown follows concerns flagged in 2023 about improper parking and regulatory non-compliance in the ride-hailing industry. (Maltatoday)
Morning Briefing
Leading cryptocurrency exchange relocating to Malta
Leading cryptocurrency exchange Gemini is relocating its European headquarters from Ireland to Malta, a move described by the Irish Independent as a “blow” to Ireland’s blockchain and cryptocurrency ambitions.“We chose Malta due to its proactive approach to fostering innovation among fintech and digital assets,” said Mark Jennings, Gemini’s Head of Europe. He added that changes in Europe’s regulatory landscape influenced the decision, with Malta offering the best support for the company’s growth plans. Gemini plans to open a small office in Malta soon, staffed by key personnel from its global operations.(Times of Malta)
500 Y-plate cabs after illegal addresses found
Around 500 Y-plate cabs have been taken off the roads after inspections revealed that addresses listed as public service garages were, in fact, fields, stores, or shops. Several firms, including WT Global and TXGO—two of Malta’s largest fleet operators—have had their Y-plate licences suspended. Cab-hailing platforms such as Bolt and eCabs have been instructed to remove vehicles operated by these non-compliant firms from their systems. The licence suspensions come after weeks of inspections by Transport Malta, part of a broader regulatory effort to ensure adherence to sector rules. Over the past month, approximately 30% of the country’s Y-plate vehicles have lost their licences to operate. Earlier this year, Transport Malta grounded 890 Y-plate cabs when it was discovered they were not being parked in approved commercial garages. This latest action saw a further 500 vehicles removed from service and fleet licences suspended, following new evidence of improper garage arrangements. (Maltatoday)
€12m Birżebbuġa shoreline regeneration announced
The government has announced a €12 million regeneration project for the Birżebbuġa shoreline. Prime Minister Robert Abela outlined the plans, which will see 1.6 kilometres of the promenade upgraded and a 1.5-kilometre extension added, featuring a new cycle lane. The project will span from the historic Ferretti Battery to the waterpolo pitch, covering the entire St George’s Bay area. With designs now finalised, the application process is underway to commence works. The plans were developed in collaboration with students from the University of Malta’s Faculty for the Built Environment, ensuring innovative ideas were incorporated into the project. Once complete, the regenerated promenade is expected to provide improved recreational spaces while promoting sustainable mobility through the inclusion of the cycle lane. (The Malta Independent)
