News | Wednesday, 05 August 2009

Pre-Budget document out today

Focus on jobs as unemployment rises

Karl Stagno-Navarra

Finance Minister Tonio Fenech will today publish the widely expected Pre-Budget document for 2010, paving the way for a nationwide discussion on the state of the Maltese economy.
With most economic sectors reporting difficult times, government is faced by figures published yesterday by the NSO that reveal for the first time in many years that unemployment has also grown during the summer.
Unemployment rose to 7,273 in June, an increase of 1,412 over the same month last year. Jobless in May had already reached 6,777.
During a press conference to be called today, Minister Tonio Fenech is expected to reveal the Pre-Budget Document together with a 60-page document entitled ‘Benchmarking Malta’s Competitiveness’ that will outline government’s strategy to counter the effects of global recession and reposition competitiveness.
With regard to the pre-budget document, sources told this newspaper that this year’s budget will be focusing on three main themes: growth, jobs and social cohesion.
Senior government sources have anticipated that the forthcoming budget is expected to include the almost €7 per week increase as the cost of living adjustment, notwithstanding employers resistance to pay-out the compensation for what they defined as “government-induced” inflation.
Government is meanwhile restrained by an Excessive Deficit Procedure imposed by the European Commission for overstepping the deficit criteria in 2008.

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