News | Wednesday, 29 July 2009

Pre-Budget document to be published Tuesday

Karl Stagno-Navarra

Government has concluded its consultation process with social partners on next year’s budget and is expected to publish the pre-budget document next Tuesday, this newspaper is informed.
Senior government sources have confirmed that the details to next year’s budget, which is expected to be brought before parliament in October, have been compiled in the pre-budget document that will be presented to the media next Tuesday by Finance Minister Tonio Fenech.
Restrained by an Excessive Deficit Procedure imposed by the European Commission for overstepping the deficit criteria in 2008, government is intent on focusing on strengthening Malta’s competitiveness and jobs.
The current state of the economy offers a bleak scenario for 2010, however the finance ministry seems to be drawing out plans for the launch of initiatives aimed at stimulating the ailing manufacturing and tourism industries.

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