Fenech: ‘Nothing to show for €500 million increase in national debt’

The Nationalist Party has flagged the government’s growing national debt, saying that the Labour government has seen debt increased by €3 million, every day, over the past six months.

The data was sourced from official NSO figures.

“This data shows that in just six months, the government has burdened the country with new debt of  €500 million, a very worrying development when it comes to Malta’s financial state. Our country’s finances are an important factor in making Malta attractive for investment and job creation,” shadow finance minister Tonio Fenech said.

The party said that the former administration’s increase in debt had resulted in substantial investment and capital projects, schools, hospitals, the airport and new arterial roads.

“To the contrary, Muscat’s government has nothing to show for the €3 million in dent ever day, apart from the creation of hundreds of new jobs and salaries for people in the Labour core, and operational expenses for the largest Cabinet in history; apart from leaving the public to pay for petrol and diesel at high rates despite historic lows in fuel prices,” Fenech said.

Fenech said that the PN was demanding an explanation as to why national debt had increased.