Budget for 24 October

Last week Finance Minister Clyde Caruana pledged €600 million spend next year to cushion higher energy and food prices

Prime Minister Robert Abela has announced the budget will be held on the 24 October.

Abela made the announcement in comments to the national broadcaster on Tuesday.

Abela is currently in the United States of America to attend the United Nations National Assembly.

This year’s budget is highly anticipated in light of a massive price hikes in food and supplies in light of the ongoing war in Ukraine, and the post-COVID effects after two years of the pandemic.

Announcing the pre-budget document last week, Finance Minister Clyde Caruana pledged €600 million to cushion higher energy and food prices.

He said it does not make sense for families and the economy to have government withdraw energy and food subsidies that are cushioning the impact of higher inflation.

Energy and food subsidies are expected to reach a whopping €608 million next year, equivalent to 3.6% of GDP, the Finance Ministry’s pre-budget document shows.

The pre-budget shows that in 2022, government would be spending €472.5 million in energy and food subsidies to cushion the impact of higher prices.