WATCH | PN has €11.7 million in liabilities, registers €700,000 deficit in 2024

Nationalist Party ran a frugal election campaign in 2024, spending only €250,000 • Media.link cost PN €1 million in 2024

The Nationalist Party is finally up to date on its financial accounts after a delegation presented reports for years 2021-2024 to the Electoral Commission on Monday.

Its 2024 report shows the party has €11.7 million in liabilities to be paid. Its deficit for the election year stands at €737,733.

The PN would have registered a surplus if it wasn’t for its shares in Media.Link Communications, the party’s media wing.  This involvement led to an impairment expense of €1.06 million.

Its accumulated fund places the PN at €9.8 million in the red.

PN leader Alex Borg delivered a press conference on Monday morning to announce the accounts submissions and list through a series of goals achieved in his 100 days since becoming party leader.

“We are transparent, accountable, and we have the credibility to lead a country,” Borg said shortly after the accounts were submitted to the Electoral Commission.

During the conference he said that the party has an accumulated debt of €11.7 million, referring to the party’s liabilities for 2024. However, he also said that the party has enough assets to cover its debts.

The Nationalist Party has €14.7 million in property and other non-current assets while only €1.4 million in current assets. Meanwhile, its long-term liabilities stand at €9 million, while its short-term liabilities are valued at €2.6 million.

PL questions debt decrease

In 2022, then-party leader Bernard Grech had said the PN has €32 million in debts. Earlier this year, PN's Secretary General Charles Bonello confirmed that the debt remained at that level. 

With no mention of €32 million in debt in the accounts, the Labour Party caught on to this and questioned how €20 million in debt "disappeared" from the PN's reports. 

"Those who are not credible in managing their party's finances can never be trusted to manage the country's finances," the party said in a statement.