COVID takes deficit up to €1.4 billion in 2020

Spending grows by 18%, with government debt increasing by €1.4 billion.

The Maltese government has reported a €1.4 billion deficit in 2020, in a year that saw COVID-19 impacting tax revenues, shutting down businesses, and forcing the government in an emergency disbursement of wage supplements.

The government took 11.7% less revenues – €4.3 billion – owing to drops of €229m in income tax, €177m in VAT, €74m in grants, €67m in customs and duties, and various other revenues. The drop was marginally offset by increases from fees of office, social security and other receipts.

Total spending climbed by 18% to €5.8 billion in 2020, of which recurrent spending was €4.6 billion, an increase of €422m.

Central Government debt stood at €6.7 billion, a €1.4 billion increase from a rise of €873 million in Malta stocks, €344m in treasury bills, and a €120m EU loan from the Support to mitigate Unemployment Risks in an Emergency (SURE) instrument.

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Kumment tagħna: Kissirna ekonomija, partikolarment dik ibbażata fuq l-impriżi medji u żgħar u se noqtlu aktar nies bil-ġuħ u bl-inkwiet milli qatt kien se joqtol il-COVID. Dan biex ma nsemmux il-miżuri arbitrarji u saħansitra dittatorjali li qed jintużaw f’isem il-ġlieda kontra l-imxija. Dawk is-6.7 biljuni ma waqgħux mis-sema u għad iridu jitħalsu lura bl-imgħax mit-taxxi tagħkom. Il-Konsegwenzi ta’ dan kollu għad iridu jinħassu.

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