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Malta disagrees with EU over 40-mln-euro presidency spending

Xinhua, January 7, 2017 Adjust font size:

Malta was at odds with the European Commission over how to classify the 40-million euros expected to spend on the rotating six-month EU Presidency.

Malta, the smallest state in the EU, took over the EU Presidency on Jan. 1.

The European Commission told the Maltese government at the end of last year that spending on the Presidency should not be classified as a one-off item in the Maltese budget.

The independent Malta Fiscal Advisory Council expressed its agreement with the Commission in a letter sent to Malta Finance Minister Edward Scicluna on Dec. 28.

Given the small size of the Maltese economy, spending on the Presidency would have a large effect on the government's spending deficit targets.

Classifying the Presidency as a one-off expenditure item would mean that these targets would not be impacted.

The EU closely monitors member states' yearly budgets in order to ensure compliance with its three per cent maximum spending deficit target as set out in the Stability and Growth Pact (SGP). Endit