News | Wednesday, 04 February 2009

Government not ready for recession – Gulia

Labour MP Gavin Gulia yesterday called on government to reduce bureaucracy and administrative expenses, to allay the effects of the international recession on the Maltese economy.
“Clearly our level of competitiveness in exports is experiencing considerable difficulty. Not only due to the decreasing number of orders from abroad, but also because our products come with extra costs that render them less competitive compared to foreign goods,” Gulia said.
He accused government of neglecting Budget promises to reduce administrative burdens in 2008 by 6 per cent. Gulia said that last year the government promised a commission to study the extra costs on businesses, and to introducing General Accounting Principles for Small Enterprises (GAPSE) to lessen the impact of international financial reporting standards.
“Nothing of this has been done so far. GAPSE has been on the shelf for two years. No commission has yet been appointed, let alone any recommendation being implemented before the international crisis hits us badly. Government is staring at the waves of recession crashing on our shores.”

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