Updated 1220
Dalli to co-lead EU climate adaptation negotiations at COP29
Malta’s Minister for the Environment and Energy, Miriam Dalli, alongside Austria’s Minister Leonore Gewessler, will lead the EU’s negotiations on climate adaptation at COP29. Highlighting Malta’s growing climate leadership, Minister Dalli stressed the importance of building resilience against climate impacts, a core focus of the Paris Agreement. The negotiations will aim to enhance global capacity to address climate risks, protect vulnerable communities, and ensure measurable progress. Malta’s priorities include securing practical solutions, sufficient financing for adaptation—particularly for small island states—and advancing global resilience goals. The Maltese delegation, supported by Climate Ambassador Prof. Simone Borg and Permanent Secretary Joseph Caruana, will work to achieve consensus on these critical issues. (Maltatoday)
First MTA office to open in New York next year
Tourism Minister Clayton Bartolo announced that Malta will open its first MTA office in New York late next year, supported by a €2.5 million investment to target the U.S. market. He highlighted Malta’s growing tourism revenue, which in the first nine months of 2024 has already matched last year’s total, set to surpass €3 billion for the first time. The Ministry is focusing on high-spending markets, enhanced marketing, and improving connectivity, including partnerships with Scandinavian airlines. Bartolo reaffirmed the government’s commitment to cash rebates for attracting major film productions, with funding increased to €2 million. (TVM)
Revolut hits 50 million customer milestone, 300,000 Maltese customers
Revolut, the global fintech giant, has reached 50 million customers worldwide, including 300,000 in Malta, after gaining over 10 million users in 2024 alone. Recognised as Europe’s most downloaded financial app, the company achieved a $45 billion valuation this year, secured a UK bank license with restrictions, and reported $2.2 billion in 2023 revenue with $545 million in pre-tax profits. Revolut plans to double its customer base to 100 million while expanding innovative services. In Malta, it launched Revolut Reader, Flexible Cash Funds, and BillPay for business owners. CEO Nik Storonsky highlighted Revolut’s mission to simplify global finances. (The Malta Independent)
Morning Briefing
IMF forecasts strong growth, calls for reduction in debt levels
The International Monetary Fund (IMF) has forecast robust yet slowing economic growth for Malta, while reiterating its previous recommendations for the country to gradually eliminate its energy subsidies. In its annual country report, the IMF projected Malta’s economy to expand by 5% in 2024 and 4% in 2025, figures that closely align with the European Commission’s recent forecasts. These growth rates would position Malta among the top performers within the EU. However, with energy subsidies contributing to one-fifth of Malta’s fiscal deficit, the IMF advised that fixed energy pricing policies should be phased out. It recommended reallocating these funds towards high-value added investments, particularly in green initiatives, and policies that enhance productivity. (Times of Malta)
PN leads protest in wake of Ministerial scandal
A sizeable crowd headed to Valletta on Monday evening to join a protest called by the PN in the wake of the scandal surrounding Tourism Minister Clayton Bartolo and Gozo Minister Clint Camilleri. The ministers have faced calls to resign after a standards commission investigation revealed that Bartolo’s partner received lucrative consultancy contracts from both ministries, despite being underqualified and with no evidence of completed work. Addressing the protest, PN leader Bernard Grech said that Labour as showing a lack of accountability by defending the Ministers. “If you know Bartolo and Camilleri did something wrong tell them to resign their role, and make it public. Otherwise, you are as complicit as they are,” he urged the PL MPs.
Health Minister concerned with low vaccine takeup
Health Minister Jo Etienne Abela informed Parliament on Monday that the uptake of PCV and Covid vaccines is significantly lower compared to the influenza vaccine. He was responding to a question from Labour MP Katya De Giovanni about vaccine uptake across the country. Abela acknowledged that the government had anticipated a higher vaccination rate, emphasising that vaccines remain the most effective means to prevent disease, reduce mortality, and alleviate pressure on hospitals. The Minister argued that “bad press” regarding the Covid vaccine has been a disservice. (The Malta Independent)
