€65 million in economic regeneration with €100 vouchers

• More than €5 million generated in the Gozitan Economy

Summer has come and gone and despite a global pandemic, the people of Malta have managed by dint of a sturdy economic regeneration plan to enjoy all that our islands have to offer during the warm season. The Voucher Scheme launched by the government and spearheaded by the Ministry for the Economy is a recognised success story. Lauded by several social partners, it was a cornerstone of the same economic regeneration plan announced by Prime Minister Robert Abela earlier in June which not only supported the economy during this time but also cultivated a heightened sense of trust and confidence in our people.

Successfully created and implemented in a short span of time, given the circumstances, this measure not only provided a sense of reprieve for some 440,000 Maltese and foreign residents, providing them with a unique opportunity for entertainment, quality time with family as well as shopping but also sought and succeeded in regenerating revenues, previously lost in the pandemic for more than 5,500 businesses.

This will regenerate the economy with €65 million through the multiplier effect on spending, induced by the €100 Government voucher initiative. The Gozitan economy also experienced an economic injection of €5.2 million through the same initiative.

‘Such encouraging numbers reflect that the stimulation of the economy is well spread amongst all strata of society, all of which benefitted from such a strong measure; be it both the consumers and ultimately our businesses. A range of businesses were positively impacted, jobs were safeguarded and through the vouchers scheme, we managed to help the domestic economy regain back its momentum. I now encourage everyone to make use of the vouchers which have been now extended till the end of October’ said Minister Schembri.

This measure has been instrumental in keeping several sectors afloat during such a challenging time, a factor which was fully recognised by a substantial number of industry stalwarts.

The MHRA said, ‘The vouchers issued by the government have been a tremendous success and have driven many new and old customers to restaurants and hotels. This has been a very big boost to the hospitality industry which was totally shut down for more than 4 months during the peak of the Covid-19 crisis. The government must be congratulated on this initiative which proved to be such a positive initiative. Given the ongoing difficulties in the marketplace due to Covid-19 the hospitality industry is looking forward towards a repeat of the voucher scheme in the next few months.’

In their large majority businesses agree that the Government vouchers were a lifesaving tool, a crucial initiative that prevented them from going out of business. Therefore, considering the unprecedented impact the voucher scheme has had on the regeneration of the economy, the Ministry together with the relevant social partners is now seeking to evaluate how such a measure can be further improved to continue further with this positive trend.