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Abela Increases Malta’s Debt by €3.5 Billion

Abela Increases Malta's Debt by €3.5 Billion
by
August 7, 2023
in NEWS Malta, Taxation
232

In a recent statement published on Tuesday, PN MP and Spokesperson for Finance, Jerome Caruana Cilia, highlighted a concerning trend: Malta’s mounting debt under the leadership of Robert Abela. The figures are stark, revealing that the nation is accumulating a staggering €2 million of debt per day.

The Escalating Debt Scenario

As of the end of June 2023, Malta’s debt reached a substantial €9.2 billion, marking an alarming increase of over €750 million since June 2022, as reported by the National Statistics Office. Jerome Caruana Cilia emphasized that this surge is especially concerning when juxtaposed against the government’s debt of €5.7 billion at the close of 2019, indicating an unprecedented escalation of €3.5 billion within this relatively short span.

Attributing Responsibility

Pointing a finger at the root cause, Caruana Cilia squarely places the blame on Robert Abela, stating, “More than a third of our country’s debt was caused by Robert Abela.” This assertion underscores the significant role the current leadership has played in shaping the nation’s economic trajectory.

Interest Payment Impact

The financial repercussions are felt deeply as Malta finds itself paying nearly €4 million in interest on this debt every week. This substantial interest expenditure raises concerns within the Nationalist Party (PN), which has consistently advocated for eliminating what they refer to as the “corruption tax.” Caruana Cilia stresses the importance of maintaining sustainable public finances, particularly in light of the escalating interest rates.

European Union Agreement and Fiscal Sustainability

The situation is compounded by reports circulating in the media about a potential agreement among the member states of the European Union regarding fiscal sustainability. This agreement, if materialized in the coming months, could have far-reaching implications for the country’s financial future.

A Burden for Generations

Caruana Cilia concludes by voicing the PN’s unwavering concern for the future generations burdened by this mounting debt. He draws attention to the combination of reckless spending and a prevailing sense of apathy, both of which come at a significant cost to the people’s finances. Caruana Cilia asserts, “This is also why, in addition to being ethical and morally just, Robert Abela and his friends must see to it that what was stolen from our country is returned.”

FAQs About Malta’s Increasing Debt

What is the current rate at which Malta’s debt is increasing?

Malta’s debt is accruing at an alarming rate of €2 million per day, according to Jerome Caruana Cilia’s statement.

How much has Malta’s debt increased since June 2022?

The debt has witnessed a significant surge of over €750 million from June 2022 to June 2023, as reported by the National Statistics Office.

Who is being held accountable for the majority of the debt increase?

Jerome Caruana Cilia squarely attributes more than a third of Malta’s debt increase to Robert Abela’s leadership.

What is the weekly interest payment on Malta’s debt?

Malta is currently paying nearly €4 million in interest on its debt every week, highlighting the financial implications of the situation.

How is the Nationalist Party addressing the issue of escalating debt?

The Nationalist Party (PN) advocates for the elimination of what they term the “corruption tax” and emphasizes the need for sustainable public finances amid rising interest rates.

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