An extraordinary Budget

There is no doubt that the Financial Plan which forecasts the Government expenditure for the year 2021 as announced by the Government earlier this week, can be called an ‘Extraordinary Budget for Extraordinary Times.’ I say this, after taking into account the turbulent time we have gone through over the precending nine months which are unprecented in nature. The battle with this global pandemic is one that is still ongoing. It is ongoing in terms of it being a health crisis, but it is also one wherein Governments are being tested in all aspects of life, including the economic and financial fora. This is the case globally, and not only in Malta.

Growth guarantee

This Budget is both positive and well thought out, because even though the whole world is not going through the best of times, it caters for growth in our economy. It is obviously not the growth we have become accustomed to in recent years, but growth in certain sectors that will bear fruit and guarantee employment. This guarantee is important because it will ensure that unemployment levels are kept low. One of the measures that further addresses this aspect is the wage supplement, this means that workers who have been made redundant due to the pandemic will continue to receive a decent living salary.

Fiscal discipline

It is worth remembering that before 2013 we had learned a new term, that of ‘Excessive Deficit Procedure’. This occurs when there was no intelligent financial management, no economic growth and no economic vision. That is why, even in these challenging times, we are vigilant for times of possible economic decline. This is contrary to what we have seen before, this Labour Government is spending more on the people while keeping its finances ‘in-check’. In fact, last year’s budget Government spent about thirty million euros in fiscal measures, not only is it the case for the year 2021, but the figure rose to about one hundred million euros.

Helping the vulnerable

This is an extraordinary budget for extraordinary times because we do have vulnerable groups in society, which is why this Government will continue to work to help sustain the vulnerable cohorts of society by giving them means to have a dignified life. When we say ‘poor’ what we mean to say is twofold, those who are poor in fiscal terms and those who need to given the necessary aid to further progress in society. With this in mind, we shall maintain measures aimed to give back to society and the vulnerable – these include vouchers to everyone which can be spent in restaurants, bars, and accommodation, the tax refund, along with a cheque to everyone who receive a low level of income. We shall also provide free public transport service to those seniors over the age of seventy, we will be providing free internet services for a year to those students who are sixteen (16) years of age and are still in school.

Addressing social injustice

It is worth noting that the commitments the Government has undertaken in previous budgets aimed to address injustices over the last thirty years were addressed, as is the case in this Budget for the year 2021.. Secondly, it is crystal clear that this is a Government always delivers on its promises. Among these, is the case of workers who have worked at the shipyard during which time they have been exposed to asbestos. It was this Government that in this budget has comitted itself compromise with these workers, who after many years of fighting for what they deserve, will be fairly compensated

“I am proud to say that this is a sustainable budget. That is why I do not detract from what the Government has done in the past.”

Sustainability and economic competence

I am proud to say that this is a sustainable budget. That is why I do not detract from what the Government has done in the past. The good has to be maintained year after year and even now in 2021. At the same time, even in extraordinary circumstances, he has introduced other positive measures which will be maintained.

Therefore, the financial and economic competence of these last Administrations from

2013 onwards is clear. The Robert Abela Administration is nothing less in this regard, this Extraordinary Budget is the solid proof some have been waiting for!