News | Sunday, 25 April 2010

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Government piling debt on Enemalta – Charles Mangion

Labour spokesperson for finance Charles Mangion yesterday accused the government of transferring a debt of €75 million to Enemalta in a bid to drastically improve the deficit position for 2009.
In a press statement, Mangion said that government had forced Enemalta to carry a debt of €75 million which was eventually deducted from the total deficit for 2009 which amounted to €217.6 million, according to NSO figures.
The Labour spokesperson said that according to Finance Minister Tonio Fenech, the total government debt was to increase by €217.6 million in 2009. However he said that the debt actually increased by €321 million or 5.6% of GDP.
Mangion added that apart from the fact that government was off target by €102 million or 1.8% of GDP, it also borrowed €102 million more than was necessary.
He insisted that the actual government deficit for 2009 was actually €321 million or around 5.6% of GDP.

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