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Tonio Fenech to present 'responsible' budget

During launch of pre-budget document, finance minister Tonio Fenech says that the forthcoming budget will be "a responsible budget".

Jurgen Balzan
4 August 2012, 12:00am
Finance minister Tonio Fenech
Finance minister Tonio Fenech vowed that the forthcoming budget will be "a responsible one that will prioritise the creation of jobs and economic growth."

Speaking during the launch of the pre-budget document this afternoon, Fenech explained that the increase in deficit registered in the first half of the year was down to the €25 million poured into Enemalta's coffers to absorb some of Enemalta's debts and ease the beleaguered corporation's financial difficulties.

Only a few days ago, the National Statistics Office said that in the first half of 2012, the government's shortfall between recurrent revenue and total expenditure amounted to €284.3 million, an increase of €94.1 million compared to the same period in 2011.

However Fenech insisted that the increase was the result of "the front-loading of €40 million, which includes the €25 million the government gave Enemalta."

Enemalta is saddled with a debt of almost €600 million, with the interconnector between Malta and Sicily projected to cost a further €200 million.

The NSO has also published figures which show that at the end of June, central government debt stood at €4,794.9 million, up by €361.4 million, or 8.2%, over the corresponding period last year.

Asked why the debt has increased so steeply in the first part of the year, Fenech said the government borrowed up to €500 million "which it did not really need" to profit from the favourable interest rates available in the first half of the year.

However, Fenech said the government is on track to achieve it's targets to keep the deficit down to 2.2% of the Gross Domestic Product (GDP) and keep debt below 60% of GDP by the end of the year.

Fenech said that the main aim of the budget would be to strengthen fiscal stability with an objective to continue towards the achievement of a balanced budget and a steady reduction of debt.

Jurgen Balzan joined MaltaToday in 2011, specialising in politics, foreig...
MARIO XUEREB
issa wara 25 sena ton? m ghandekx ghagla!!
Mario Attard
Do you mean that all the previous budgets were "irresponsible" under the Nationalist Governments?
Ramon Casha
After proposing an IVF bill that is based on "feelings" about what's best for the child, this budget will be based on readings from the entrails of a goat.
david_lexicon
How can someone believe this Minister any one word that comes out of his mouth. We are now too clever to believe his lies. I hope this will be his last budget or maybe last year was his last budget. Now his is rich over our taxpayers money and we the people keep on suffering from this Minister's bad decisions. At least he will go in utter shame.
daniel li
Only the mother of all cwiec will borrow money that he does not need.If Malta does not need these money Mr.Fenech, keep the money for yourself and pay the interests which will amount to roughly about Euros 25,000,000 per year. Some mothers really do have them.
parla piu piano
Aqta kemm ser toholqu xoghol ghalinha l-poplu!!! Lejliet elezzjoni mhux bhall-1987 fi zmien KMB gejja l-affari. Mhux diga bdiet l-mewga ta mpjiegi ta nies qrib ta bazuzli u pampaluni tal-klikka Gonzi. Il-bilboards messhom gabhu l-queues ta dawn n-nies dehlin mal-gvern. Xogholijet tal-qamel u prekarji hawn kemm trid. Cittadin sfruttat mill-Gvern u fuq il-post tax-xoghol.Viva l-Inkwizitur Gonzi u l-klikka.
Alfred Debattista
Daqs kemm kien responsabli lahhar budget sur Tonio Borg!!!!! l-E.U. spiccat biex naqsitlekk 40 miljun euro, jew hsibtna phahen, zmien il buzullotti spicca sur Borg kif qal ben tajjeb dak l-arroganti siehbek, issa wasal zmien il kontijiet.
Christian Thorn
It will be his first 'responsible' budget...... or just his last, so no need to balance it! It will be another fairy tale..... or science fiction tale!
Christian Thorn
It will be his first 'responsible' budget...... or just his last, so no need to balance it! It will be another fairy tale..... or science fiction tale!
Christian Thorn
It will be his first 'responsible' budget...... or just his last, so no need to balance it! It will be another fairy tale..... or science fiction tale!
Christian Thorn
It will be his first 'responsible' budget...... or just his last, so no need to balance it! It will be another fairy tale..... or science fiction tale!
GRACE PAVIA
Responsible budget my foot! Why did Tonio Fenech offer a guaranteed 7% rate of return on MALITA when according to him he could have borrowed the money at half that rate? Responsible? Taz-zgurrrrrrrrer!!
mrcrycrash
"borrowed up to €500 million "which it did not really need"" Quite responsible.
mrcrycrash
"borrowed up to €500 million "which it did not really need"" Quite responsible.
MARIO XUEREB
The forthcoming budget will be "a responsible one that will prioritise the creation of jobs and economic growth." HAHAHAHA IDDAHHAKX NIES IZJED BID SUR TONIN. Issa wara 25 sena? Jekk il-poplu jhemmnek ikun il-veru mazzun mill ikbar. Imma veru hawn min jhemmnek ton? Ghax hekk inhu hekk mela, ghal gol hajt minn kull naha. x se taghmel fil budget trahhas id dawl u l-ilma, tnaqqas il que fl-isptar, issewwi dak li fotta il gvern tieghak? MALTA, DRYDOCKS, SEA MALTA, u tikkonsla lil tal GO, LIL KACCATURI, u elf weghda ohra li ghamel il-gvern tieghak u anqas biss zamm wahda? Issa trid taghmel budget sura ta nies wara li gejna globu ton?
m borg
"During launch of pre-budget document, finance minister Tonio Fenech says that the forthcoming budget will be "a responsible budget".... Finally admitting he has been irresponsable for the last four years especially voting money for such crap projects as the bridge to nowhere, the Valletta hole-in-wall project and the roofless theater never mind the uncalled for parliament.
m borg
"During launch of pre-budget document, finance minister Tonio Fenech says that the forthcoming budget will be "a responsible budget".... Finally admitting he has been irresponsable for the last four years especially voting money for such crap projects as the bridge to nowhere, the Valletta hole-in-wall project and the roofless theater never mind the uncalled for parliament.
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