Government nets €318 million between 1992 to 2003, and €687 million between 2003 and 2008
James Debono
A MaltaToday analysis of statistics presented in parliament last week shows that 68% of Malta’s total revenue from privatisation since 1992 was netted after the 2003 election and the subsequent appointment of Lawrence Gonzi as Prime Minister.
While Malta only gained €318 million under three successive administrations between 1992 and 2003 under Eddie Fenech Adami’s stewardship, a staggering €697 million was gained under a Gonzi administration pressed into reducing the economy’s deficit, to match Maastricht criteria for the adoption of the European currency.
Significantly the least privatisation efforts were made under the PN-led government between 1992 and 1996. During this period the only major privatisation was that of Bank of Valletta, in which the government retained a majority of shares. This privatisation yielded the government €33 million.
The short-lived Alfred Sant government outshines the previous administration, selling €81 million in just two years. But nearly all this income came from another partial privatisation which left the government owning a majority of shares in Maltacom.
The first major and complete privatisation was conducted by the newly elected PN government in 1999. On that occasion Mid Med Bank was sold for €191 million to the multinational giant HSBC.
Yet it was only after the 2003 election that the PN government emerged with the most far reaching privatisation deals, including the total privatisation of Maltacom which netted €217 million, and that of the Freeport terminals which netted €261 million.
The latest privatisation was that of Maltapost which yielded the government €6 million.
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