The Finance Ministry has formally submitted to the European Commission 1st October, 2013, an Economic Partnership Programme (EPP) together with a Report on Effective Action on, which outline the Government’s plan to close 2013 with a general government deficit below 3%.
The Economic Partnership Programme (EPP) is divided in two main chapters. The first chapter presents the Government’s key policy planks which represent the crux of the Government’s fiscal and economic strategy and which also correspond to the Country Specific Recommendations (CSRs).
Furthermore, the fiscal framework underpinning the overall strategy is laid forward. This fiscal framework will ensure that Malta moves towards fiscal consolidation and achieves fiscal sustainability. The second chapter lays forward the necessary measures and reforms taken by the Malta Government in all sectors of the economy to ensure that Malta will exit the excessive deficit procedure permanently.
The main economic and fiscal measures proposed include: the diversification of energy sources and the restructuring of the energy corporation (Enemalta); the restructuring of Air Malta; the Pension reform process including the proposed introduction of the third pillar pensions; reforms underway in the health sector; further investment in education; as well as measures to reduce the poverty trap and therefore encourage people to get into employment rather than stay dependent on social benefits.
Other important measures included under the EPP are measures to increase competitiveness through diversification, through incentives and programmes aimed at SMEs and other businesses and through various other reforms, including the holistic Justice reform.
The Report on Effective Action focuses on providing a quantitative analysis on how the Government will reduce the deficit-to-GDP ratio below the 3% threshold.
Il-Ministeru għall-Finanzi issottometta b’mod formali lil Kummissjoni Ewropea nhar l-1 ta’ Ottubru, 2013 Il-Programm ta’ Sħubija Ekonomika (EPP) flimkien ma’ Rapport fuq Azzjoni Effettiva, li jiddeskrivi l-pjan tal-Gvern biex jagħlaq l-2013 b’defiċit ġenerali tal-Gvern taħt it-3%.
Il-Programm ta’ Sħubija Ekonomika (EPP) huwa maqsum f’żewġ kapitli ewlenin. L-ewwel kapitlu jippreżenta l-miri prinċipali tal-Gvern li jirrappreżentaw il-qofol tal-istrateġija fiskali u ekonomika tal-Gvern u li jikkorrispondu mar-Rakkomandazzjonijiet Speċifiċi tal-Pajjiż (CRS).
Barra minn hekk, huwa stabbilit il-qafas fiskali li jirfed l-istrateġija ġenerali. Dan il-qafas fiskali se jiżgura li Malta timxi lejn konsolidazzjoni fiskali u tikseb is-sostenibbiltà fiskali. It-tieni kapitlu jistabbilixxi l-miżuri u r-riformi neċessarji meħuda mill-Gvern Malti fis-setturi kollha tal-ekonomija biex jiżgura li Malta se toħroġ mill-proċedura tad-defiċit eċċessiv b’mod permanenti.
Il-miżuri ekonomiċi u fiskali ewlenin li ġew proposti jinkludu: id-diversifikazzjoni ta’ sorsi ta’ enerġija u r-ristrutturar tal-korporazzjoni tal-enerġija (l-Enemalta); ir-ristrutturar tal-Air Malta; il-proċess ta’ riforma tal-Pensjoni li jinkludi l-introduzzjoni tal-proposta tal-pensjonijiet tat-tielet pilastru; riformi għaddejjin fis-settur tas-saħħa; aktar investiment fl-edukazzjoni; kif ukoll miżuri li jnaqqsu l-faqar u għalhekk jinkoraġġixxu lin-nies biex jaħdmu aktar milli jibqgħu jiddependu mill-benefiċċji soċjali.
Miżuri oħra importanti inklużi taħt l-EPP huma miżuri biex tiżdied il-kompetittività permezz tad-diversifikazzjoni, permezz ta’ inċentivi u programmi mmirati lejn l-SMEs u negozji oħrajn u permezz ta’ riformi oħrajn, inkluża r-riforma tal-Ġustizzja olistika.
Ir-Rapport fuq l-Azzjoni Effettiva jiffoka fuq il-provvista ta’ analiżi kwantitattiva dwar kif il-Gvern se jnaqqas il-proporzjon tad-defiċit għal GDP taħt il-limitu ta’ 3%.
Both documents can be viewed here >>
Report on Effective Action
Economic Partnership Programme