Minister for Finance Prof. Edward Scicluna discusses the recently-published Draft Budget, which was submitted to the European Commission by the Ministry for Finance on 15th October.

He explains that the Draft Budget is an official document required from all European Member States by the Commission, submitted annually in October. This is the second time that Malta is abiding by this requirement.

Prof. Scicluna explains that the Draft Budget provides the overall structure of the coming Budget, such as projected economic growth for the coming year, expected revenue, and budgeted expenditure, without going into details regarding specific measures.

Prof. Scicluna notes that thanks to the new Government’s approach, the budget process is becoming more open and more transparent, moving away from the secrecy that once shrouded it.
So much so, he notes, that the Draft Budget 2015 was not only sent to the European Commission, but also made available online on the Finance Ministry’s website for public access.

Prof. Scicluna invites the public to examine the document, as it gives a preview of the Government’s vision for the coming budget through which it intends to discourage dependency by providing opportunities, and ensure that social assistance is directed towards the most needy.

– Saturday, 17th October, 2014