Government working to launch ‘significant economic measures’ to support businesses

In view of the current global crisis due to COVID-19, the government recognises that particular sectors of the economy are passing through challenging times due to the low demand for their products and services, a government statement read.

“A global slowdown in the global economy, particulary that related to travel, is significantly effecting consumption in both international and domestic markets. In this situation, the government is working to launch significant economic measures to support those businesses who are being impacted by this economic slowdown, Minister for the Economy, Investment and Small Businesses Silvio Schembri said when launching the 10th edition of the National Enterprise Support Awards (NESA) aimed at encouraging an entrepreneurial society.

Minister Schembri said that Malta is set to face the challenges brought about by COVID-19 from a strong starting point. “It is challenging times like these that put the Government to test on the ability to devise and support effective economic measures. Malta stands in a strong economic position to do this. The measures that will soon be announced are possible thanks to a mindset which fosters the creation of a surplus that this government has generated over the years, as well as a thriving economy. The decisions taken and those that shall be taken are in the best interest of our country and nation,” said Minister Schembri.

Minister Schembri said that the supportive economic measures will be organized in 3 stages; short term measures, aimed at addressing those businesses with cash flow problems, medium-term measures and long-term measures to assist those businesses who will be facing decreasing orders for their products and services due to a global economic slowdown emanating from the COVID-19 pandemic, as well as to train their workers and improve competitiveness.

Discussions were held with several stakeholders and will be continuing, he said. “In fact, after a meeting held with the Malta Bankers’ Association, HSBC and BOV announced their own initiatives aimed at helping businesses and individuals facing economic hardship related to the current situation.”