Commissioner Pierre Moscovici acknowledges Malta’s debt and deficit reduction efforts

Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici said that he has recognised Malta’s success in containing and reducing the national deficit and debt, whilst noting that Malta’s economic performance has exceeded the EU average.

During a meeting held with Maltese Finance Minister Edward Scicluna on Wednesday 18th February 2015, Moscovici discussed Malta’s performance with regard to deficit and debt reduction. He remarked that the European Commission is satisfied with Malta’s efforts in this regard.

According to the government, Moscovici encouraged the Maltese government to maintain its current debt reduction efforts, to ensure that the debt reduction affected so far is sustained over the coming years.

Scicluna and Moscovici also discussed Malta’s encouraging rate of economic growth.

“The rate of economic growth has exceeded the EU average and also places Malta among the top-performing EU countries,” Moscovici said.

Scicluna underlined that the country’s new economic momentum was a result of the energy and drive of a new government who was willing to undertake the necessary reforms to give the economy a much-needed boost.

Scicluna and Moscovici also discussed the Government’s plans for reform in various sectors, including the energy sector, the judicial system, the labour market, the education system, pensions, and also the need to strengthen and preserve competitiveness and attract foreign investment.