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Malta achieves first surplus in budget in 35 years

Xinhua, March 30, 2017 Adjust font size:

Malta's Consolidated Fund registered a surplus of 8.9 million euros last year, the first surplus registered since 1981, government sources revealed on Thursday.

Prime Minister Joseph Muscat hailed the news as a "Maltese economic miracle" without resorting to austerity.

He said that it had been achieved two years ahead of schedule, and if this trend persisted it would reduce pressure to raise taxes.

It would also help Malta move forward with the large infrastructural projects it desperately needs, such as mass transport and the Gozo tunnel.

The surplus was also a positive sign for investors. Muscat however warned it was important not to go on a spending spree, and to ensure this trend be sustainable in the long run.

From a deficit of 362 million euros in 2012, the government turned things around registering a surplus of 8.9 million in four years. "We broke the cycle of borrowing to finance annual deficits," said Maltese Finance Minister Edward Scicluna. Endit