Fl-aħħar rapport ta’ valutazzjoni tagħha, l-aġenzija internazzjonali tal-klassifikazzjoni tal-kreditu Fitch Ratings ikkonfermat mill-ġdid il-klassifikazzjoni ‘A’ bi prospettiva stabbli għal Malta. L-aġenzija esprimiet ukoll il-fehma tagħha li pajjiżna se jibqa’ jesperjenza tkabbir ekonomiku li jisboq lil dak tal-pajjiżi l-oħrajn taż-Żona tal-Ewro u li, fl-istess ħin, il-finanzi pubbliċi se jibqgħu jitjiebu.
STQARRIJA MILL-MINISTERU GĦALL-FINANZI
Fitch qed tbassar li d-defiċit fiskali se jibqa’ fit-triq tan-niżla, l-aktar b’riżultat tal-politika ta’ konsolidament li jiffavorixxi t-tkabbir ekonomiku. F’dan il-kuntest, Fitch tilqa’ b’sodisfazzjon l-impenn tal-Gvern li jiżgura s-sostenibbiltà fiskali permezz tal-adozzjoni tal-Att dwar ir-Responsabbiltà Fiskali, u rrimarkat li dan se jgħin biex tiġi ggarantita l-fiduċja fil-miri fiskali.
Fitch irrikonoxxiet ukoll it-tkabbir ekonomiku qawwi b’riżultat ta’ tnaqqis fil-qgħad, spejjeż iktar baxxi għall-enerġija, u tkabbir kontinwu tal-kreditu. L-aġenzija qed tbassar li dawn ir-riżultati ekonomiċi se jissuktaw fis-snin li ġejjin, imsaħħa minn investiment qawwi, tkabbir sostnut fis-setturi tas-servizzi, u ċaqliqa strutturali fl-ekonomija lejn attivitajiet b’valur miżjud ogħla.
Filwaqt li Fitch tirrikonoxxi l-proporzjon relattivament għoli tal-garanziji governattivi li akkumulaw taħt l-amministrazzjonijiet preċedenti, tinnota li l-investiment riċenti mix-Shanghai Electric Power Company beda jtejjeb il-qagħda finanzjarja tal-Enemalta, u li dan wassal għal inqas riskju li l-obbligazzjonijiet kontinġenti jistgħu jikkristallizzaw.
L-aġenzija nnutat ukoll is-sisien sodi u l-likwidità kbira fis-swieq tal-kapital f’Malta. Barra minn hekk, irrimarkat dwar l-iżvilupp istituzzjonali pożittiv li seħħ fl-aħħar sitt xhur, bil-ħolqien ta’ qafas uniku ta’ viġilanza u t-twaqqif ta’ fond ta’ riżoluzzjoni.
Il-Ministru tal-Finanzi, il-Prof. Edward Scicluna, qal li “il-valutazzjoni pożittiva ta’ Fitch Ratings, kemm fil-previżjonijiet ekonomiċi kif ukoll f’dawk fiskali, tikkonferma l-fiduċja tagħna fil-kapaċità tagħna li nibqgħu nilqgħu l-miri baġitarji ambizzjużi tagħna. Ninsabu sodisfatti wkoll li qed jiġu rrikonoxxuti l-isforzi tal-Gvern biex jirristruttura l-entitajiet governattivi u biex jaħdem attivament sabiex jiġbed l-investiment lejn oqsma ġodda fejn jista’ jseħħ tkabbir”.
Fitch’s Positive Economic and Fiscal Outlook for Malta
In its latest assessment report, Fitch Ratings has reaffirmed Malta’s ‘A’ Rating with a stable outlook. Fitch also expressed its view that Malta’s economic growth will continue to outperform its Eurozone peers while at the same time public finances will continue to improve.
PRESS RELEASE ISSUED BY THE MINISTRY FOR FINANCE
Fitch expects the fiscal deficit to continue in its downward trajectory mainly thanks to growth friendly consolidation. In this context, Fitch welcomes the Government’s commitment to ensure fiscal sustainability through the adoption of the Fiscal Responsibility Act, remarking how this ‘will help guarantee confidence in the fiscal targets’.
Fitch also acknowledged Malta’s strong economic growth on the back of falling unemployment, lower energy costs and steady credit growth. Fitch expects this economic performance to persist in the coming years underpinned by strong investment, sustained growth in services sectors, and a structural shift in the economy towards higher value-added activities.
While Fitch acknowledges the relatively high ratio of government-guarantee liabilities that were accumulated during the previous administrations, they note that the recent investment by Shanghai Electric Power Company started to improve Enemalta’s financial position, ‘leading to reduced risk that contingent liabilities will crystallise’.
The solid foundations and high liquidity in Malta capital markets were also noted by Fitch. The Rating Agency also remarked the positive institutional development during the last six month, with a single-supervisory framework now in place and the establishment of a resolution fund.
Minister for Finance, Prof. Edward Scicluna, remarked that “Fitch Ratings’ positive assessment in terms of both the economic and fiscal outlook confirms our confidence in our ability to continue attaining our ambitious budgetary targets. We are also pleased that the Government efforts to restructure government owned entities and pro-actively seeking to attract investment into new growth sectors are also being acknowledged.”
Saturday 22nd August 2015
