The government has taken a positive approach to the report issued by the International Monetary Fund, which said that "Malta has been one of the fastest growing countries in the EU".
According to the IMF, "prudent fiscal policy and successful structural reforms have helped strengthen public accounts, boost productivity growth and maintain social cohesion". The IMF "commended the authorities for sound policies that have supported strong economic performance and job creation while improving public finances".
The government's stand is in contrast with what the PN said about the report, with the party blaming the Prime Minister and Finance Minister for the "heavy criticism" received in the report. In the report, the IMF called on the Malta Financial Services Authority (MFSA) to take urgent action on shortcomings in bank supervision.
In its statement, the government noted that the report forecast that the country's economic growth will continue, with the result that the government's debt will go down to 30 per cent of GDP.
The IMF report, the government said, concluded that the government's fiscal policy is what Malta needs and praises efforts made against tax evasion. The IMF noted the "steps in the right direction" that were taken against risks that could result from the expansion of the financial sector.
Housing prices reflect the economic developments the country is making, the government said, adding that the report highlights the government's focus on upgrading road infrastructure.
"the share of the population at risk of poverty is relatively stable and below the European average", the report said, noting that "poverty risk has been dropping at the aggregate level in recent years".
from The Malta Independent https://ift.tt/2tGSIGG
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