Watch: Minister Clyde Caruana Reveals His Greatest Financial Fear
Finance Minister Clyde Caruana has admitted that he is far more concerned about the potential financial implications of the Israel-Gaza war than he is about any local consideration.
“God forbid the conflict in the Middle East were to spread and grow,” Caruana said during a debate on Popolin last night.
“If you had to ask me what my greatest fear is, it wouldn’t be a national issue, but what is happening in the Middle East.”
“If the conflict drags out, escalates and involves other countries in the region, God alone knows what will happen to the price of oil.”
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“It is already edging close to $100 per barrel, and if the price of oil explodes, we will witness global inflation the likes of which we have never seen before.”
Caruana warned that the government can’t do anything to combat such inflation, and that all it can do is help its citizens cope with it as much as possible.
“If I wanted to act like a politician, I could go around in circles over this but the truth is we can do practically nothing to combat inflation,” he admitted.
Meanwhile, Shadow Finance Minister Jerome Caruana Cilia urged the government to do more to help people cope with inflation, such as stop taxing COLA payments.
Do you think the government is doing enough to help people cope with inflation?
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