First post-election year in which Malta did not fall into Excessive Deficit Procedure

This is the first time since Malta joined the EU that the first year after an election did not lead Malta to the Excessive Deficit Procedure, Prime Minister Joseph Muscat said today.
Speaking at the Msida Labour Party Club, Dr Muscat reminded listeners that in 2003, 2008 and in 2013 the extra expenditure in the election year meant that Malta had to be declared to be in the EDP.
Not this time, however. The government, as it will do again in next week's Budget, will only spend what it can spend. 
Usually, the first year after the election is the year in which the government of the time lumps its people with burdens, thinking that the people will forget the pain when the next election comes round.
This government will not do that. It spends what it has, not more, what it can afford. Because of this policy, this government has managed to build growth on growth and has become the envy of the world.
The government has managed to come up with a surplus and it is using it to lay the groundwork for the future. It is not afraid of change.
It is very simple for countries to come up with a surplus - by cutting down on investments, laying off workers, cutting wages, and pensions, increase taxes, etc.
But this government did not do this. On the contrary it increased wages and pensions and brought in investments.



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