Il-livell għoli tad-dħul ta’ Malta, is-surplus rikorrenti fil-kont kurrenti u l-politika tal-gvern li naqqset l-iżbilanċi fil-finanzi pubbliċi b’suċċess żammew ir-rating ta’ Malta minn Standard and Poor’s għal A-/A-2 b’Outlook Stabbli, minkejja l-pandemija globali.
STQARRIJA MILL-MINISTERU GĦALL-FINANZI U S-SERVIZZI FINANZJARJI
Standard and Poor’s innotat li t-tnaqqis fid-dejn nazzjonali għal 43 fil-mija tal-PGD fl-2019, li huwa taħt sew il-livell stipulat mill-Patt tal-Istabbiltà u t-Tkabbir tal-UE, minn 70 fil-mija fl-2011, qed jagħti lok fiskali sabiex Malta tiflaħ għax-xokk ekonomiku assoċjat mal-COVID-19. L-aġenzija tal-kreditu tinnota wkoll li, l-buffers fiskali kbar li Malta rnexxielha tibni grazzi għas-surpluses annwali konsekuttivi, ir-rati baxxi ta’ imgħax, u l-Pandemic Emergency Purchase Programme (PEPP) maħruġ mill-Bank Ċentrali Ewropew se jgħinu sabiex jikkontrollaw il-piż tad-dejn fis-snin li ġejjin.
L-aġenzija tal-kreditu faħħret il-pakkett komprensiv ta’ miżuri ta’ emerġenza implimentati mill-gvern biex jissalvagwardjaw id-dħul u jipprevjenu l-għeluq tan-negozji. Tabilħaqq, tgħid li mingħajr dan il-pakkett finanzjarju komprensiv, il-Prodott Domestiku Gross (PDG) ta’ Malta kien jonqos b’rata ferm aktar għolja, il-qgħad kien jiżdied b’rata aktar mgħaġġla u n-negozji solventi kienu jkunu sfurzati jgħalqu b’detriment, possibilment permanenti, għall-ekonomija.
Standard and Poor’s irrikonoxxiet l-isforzi tal-gvern biex isaħħaħ l-istandards superviżorji. Fil-fatt, hija tinnota b’mod pożittiv li kemm l-FIAU kif ukoll l-MFSA żiedu l-baġits u l-investimenti tagħhom fir-riżorsi umani u fit-teknoloġija u adottaw strateġiji biex itejbu l-ġbir tad-data u l-għodod tal-valutazzjoni tar-riskju. Barra minn hekk, faħħret ir-riforma li għamel il-gvern fil-mod ta’ kif jintgħażel il-Kummissarju tal-Pulizija ta’ Malta.
Standard and Poor’s qed jistennew li l-impatt ekonomiku u baġitarju negattiv tal-pandemija COVID-19 mhuwiex se jagħmel ħsara sinifikanti u strutturali fuq il-finanzi pubbliċi u l-ekonomija.
Standard and Poor’s affirms Malta’s credit rating at A-/A-2 with a Stable Outlook
Malta’s high-income levels, recurrent current account surpluses and policymaking that has promoted reduced fiscal imbalances have successfully maintained Standard and Poor’s credit rating for Malta at A-/A-2 with a Stable Outlook, amid the global pandemic.
PRESS RELEASE BY THE MINISTRY FOR FINANCE AND FINANCIAL SERVICES
Standard and Poor’s noted that the reduction of the general government debt to 43 per cent of GDP in 2019, well below the EU’s Stability and Growth Pact benchmark, from 70 per cent in 2011, is giving Malta fiscal head room to withstand the economic shock associated with the COVID-19 pandemic. It further noted that Malta’s large fiscal buffers as a result of consecutive yearly fiscal surpluses, record low interest rates, and the ECB’s Pandemic Emergency Purchase Programme (PEPP) will contain the government’s debt service burden in the coming years.
The credit rating agency commended the comprehensive package of emergency measures implemented by the government to safeguard incomes and prevent business closures. Indeed, it stated that, without this comprehensive fiscal response, Malta’s GDP would have fallen considerably lower, unemployment would have surged faster and solvent businesses would be forced to liquidate, eroding the economy’s productive base, perhaps permanently.
Standard and Poor’s acknowledged the government’s efforts to strengthen the supervisory standards. It positively noted that both the FIAU and MFSA have increased their budgets and investments in human resources and information technology solutions and have adopted strategies to improve data gathering and risk assessment tools. In addition, the credit rating agency commended the reform that the government has implemented on the way Malta’s Commissioner of Police is chosen.
Standard and Poor’s expects that the adverse economic and budgetary impact of the COVID-19 pandemic will not incur significant and structural damage on Malta’s credit metrics and the economy.
The Minister for Finance and Financial Services Edward Scicluna comments; “Once again, we note with satisfaction that Standard and Poor’s, alongside DBRS, have commended the effectiveness of the government’s policies, both in the past to ensure that the country was well-prepared to weather a crises, as well as today in supporting the economy during a crisis.”
Saturday 12th September 2020