DBRS confirms Malta ‘A’ rating / Malta News Briefing – Saturday 10 December 2022

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DBRS confirms Malta ‘A’ rating

The Dominion Bond Rating Service (DBRS), a Canadian global credit rating agency, has confirmed Malta’s ‘A’ rating with a stable outlook. In a statement, DBRS said that the stable trend reflects its view that risks to Malta’s ratings are balanced, following the “strong” post-pandemic recovery. It said that Malta’s economic performance remains strong, but was decelerating as energy prices take their toll worldwide. It notes that Malta’s sizeable energy price stabilisation package will slow down the reduction in its public deficit, which will remain among the highest in the European Union (EU) in spite of strong revenue growth and the phase-out of coronavirus support. Full report is available here.

TM says fines document doing the rounds online is not final

The Transport Ministry said that a document appearing to show revised transport fine was not an approved version. While admitting it was not a forgery, it said paper was part of an internal ongoing discussion within Transport Malta to revise contravention fines. The leaked document suggests that fines for traffic conventions are about to be raised dramatically. (Times of Malta)

Malta to host Med leaders

Speaking to the media at the end of the EU Med-9 summit, that gathered nine EU-Mediterranean leaders, Prime Minister Robert Abela announced that Malta will next year host the next summit. Abela said that the Summit will be an important forum not only to bring to the attention of other member states particular realities of our country, but that our country’s organisation of such an important forum shows another sign of confidence in our country for the strategies, changes and reforms we implemented in recent months which are being transformed in more confidence expressed to our country. (TVM)

Morning Briefing

Govt wants 41% decrease in use of cars by 2030

Government has launched a public consultation document aiming at reducing car use, increasing the percentage of people who exercise, and introducing community policing teams across the island are among the targets of Malta’s sustainable development aims. The plans include reducing the number of people using cars as opposed to other means of transport by 41% compared to 1990. The aim is to also introduce around 65,000 electric vehicles, including plug-in hybrids by 2030. The target is to also reduce the percentage of people who never exercise to less than 56%, increase ICT graduates by 10%, and reduce at least 3.1% in the number of people at risk of poverty or social exclusion from the 2019 baseline. They are among the 42 targets to be achieved by 2030 through a document launched by Environment and Energy Minister Miriam Dalli. (Times of Malta)

Malta reports high level of banknotes in hand

Malta has reported the EU’s fifth highest share of “excess banknotes”, that is 32% over and above the euro banknotes allocated to the island by the European Central Bank. At the end of 2020, Malta ranked after Slovenia (68%), Ireland (88%), Germany (136%), and the absolute highest, Luxembourg, with 20 times its ECB allocation at 2190%. According to the Central Bank of Malta, the island’s high rate of economic activity, tourism, a large informal economy, and a large migrant workforce are key factors in this excess of cash notes. (Maltatoday)

In-work benefit to increase

Parents who qualify for the in-work benefit will no longer need to apply for it as they now will be receiving automatically. During a press conference, the Minister for Social Policy Michael Falzon said 19,000 more parents will receive this benefit with an additional expenditure of €10 million which have been allocated for it. Families which qualify for the in-work benefit will now go up from 7,300 this year to 26,000 families, with the expenditure increasing from €7 million this year to €17 million. (TVM)

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