€3.85 Million Weekly Interest Bill For Servicing Malta’s €9.2 Billion Debt
As of the end of June, Malta’s national debt had reached a staggering €9.2 billion.
This reveals an increase of €756.8 million since June 2022, equating to a daily addition of €2 million in new debt. These unsettling figures have not been disclosed by any political faction, but rather by the authoritative National Statistics Office.
“The interest our country pays on this debt amounts to about €3.85 million per week,” PN Finance Spokesperson Jerome Caruana Cilia said in a reaction on social media.
Consequently, the Nationalist Party continues to emphasise the urgent need for the government to eliminate the “corruption tax” and to safeguard the sustainability of public finances. This call becomes even more critical in light of the recent increase in interest rates he said.
“By the end of 2019, the Government’s debt stood at €5.7 billion. This means that Prime Minister Robert Abela increased the debt by around €3.5 billion, to reach €9.2 billion.”
“Robert Abela accounted for more than a third of our country’s debt.”
These growing debt levels have sparked concerns, as media reports indicate that the Maltese government may need to adopt measures focused on fiscal sustainability, aligning with strategies pursued by other European Union Member States.
Amid these escalating financial challenges, the Nationalist Party reiterates a pressing concern: the burden of this mounting debt will ultimately fall upon the shoulders of future generations.
The party highlights the gravity of the situation, emphasising that such recklessness threatens the hard-earned income of the Maltese people.
The wasteful expenditure of public funds remains a point of contention. The party expresses its regret that a culture of indifference towards fiscal responsibility seems to be flourishing, with the notion that certain expenditures are unimportant and therefore justifiable, even at the expense of public funds.
Ultimately, the ethical and moral implications of the current financial trajectory must not be overlooked. Prime Minister Robert Abela and his associates are urged to acknowledge the long-term consequences of accumulating excessive debt and to take proactive measures to address this pressing issue stated Caruana Cilia.
In light of the data presented and the concerns voiced, the question of Malta’s financial sustainability emerges as a significant matter that demands immediate attention and responsible action.
It remains to be seen how the government will respond to these pressing challenges and steer the nation towards a more secure fiscal future.
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