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MALTATODAY 14 July 2019

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NEWS maltatoday | SUNDAY • 14 JULY 2019 CREDIT rating agency Fitch has upgraded Malta's outlook upgrade from 'stable' to 'positive', while also reaffirming its sover- eign credit rating at 'A+'. The upgrade was attributed to the is- land's robust economic growth, positive- ly noting that in 2018, it was the fastest growing economy in the European Union. "The fiscal surplus recorded in the last three years coupled with a falling debt-to- GDP ratio were also key drivers for this upgrade," the government said in a state- ment. On what the future holds, Fitch expects an increasing surplus in the next two years, despite the forecasted decline in revenue from the IIP. The falling debt-to-GDP ratio is also ex- pected to continue. Domestic demand is expected to be the main driver of real GDP growth, fuelled by strong labour market dynamics, Fitch stated. A modest wage growth will be able to boost disposable incomes, while support- ing household consumption growth. "Fitch expects investment activity to re- main high, supported by the absorption of EU structural funds," the government said. Commenting on the external sector, Fitch noted that despite the slowdown in the Eurozone, the current Maltese ac- count remained strong, while also expect- ing a continuation of healthy surpluses in the coming years. "Fitch acknowledges Government's ef- forts to strengthen supervisory and regu- latory institutions, noting that supervisory resources at both the FIAU and MFSA are increasing, with budget and hiring staff being prioritised," the statement said. Finance minister Edward Scicluna wel- comed the new rating. "The positive result by Fitch comple- ments the European Commission's Sum- mer Forecast. Both reports conclude that Malta's high economic growth is expected to be sustained in the medium-term while public finances are expected to continue on a sound footing." Fitch upgrades Malta outlook to 'positive' As you steer your business towards success, it takes planning, control and a steady hand. HSBC is the right kind of wind in your sails. We are present in over 60 countries and through our global reach and expertise we help over a million business customers worldwide. Through our capabilities we make it easier for you to conduct international business. See how we can help your business grow with our €250million HSBC International Business Fund. Call us on 2380 8000 or visit www.business.hsbc.com.mt/hibf Wherever your business is going, we are with you throughout the journey. The €250million HSBC International Business Fund Approved and issued by HSBC Bank Malta p.l.c, (116, Archbishop Street, Valletta VLT1444), a public limited company regulated by the Malta Financial Services Authority and licensed to carry out the business of banking in terms of the Banking Act (Cap.371 of the Laws of Malta). (Ref No. 107473 – 07/2019) Together we thrive THE Environment and Re- source Authority (ERA) has ap- proved roadworks to be carried out on Santa Lucija Street, Pao- la and Buqana Road in Rabat. The ERA said that while trees that are not protected will be moved to make way for better infrastructure, 875 new trees will be replanted. "€343,000 will be contributed towards ERA's Environment Fund for the planting of more trees as a compensation to the uprooted trees." In Santa Lucija Street, nine nettle trees, eight Italian cy- press and two almond trees will be uprooted. The uprooting and transplant- ing of five Judas trees, three car- ob trees, and one ficus tree will also take place. "In addition, the permit in- cluded a 'no-objection' to the uprooting of other trees that are not protected under S.L. 549.123 (Trees and Woodlands Protection Regulations)." The permit issued requires that 150 trees are planted as compensation, coupled with a contribution of €60,000 to the ERA Environment Fund, which will be directed towards the planting of more trees. "These compensatory trees are to be planted within the first planting season, following issue of the permit. Evidence of compensatory planting must be submitted to ERA within one month of planting." The maintenance of the plant- ed trees is to be carried out by the permit holder for a period of three years from planting. The permit issued for Buqana Road also covers interventions on trees, covering the trans- plantation of five Mediterrane- an dwarf fan palms, the heavy pruning and transplanting of one ficus tree, six bay laurels, one white mulberry tree, eight myrtles, 16 olive trees and nine African tamarisks. The uprooting of 39 Italian cypress, 11 Aleppo pines and 29 sandarac gum trees is also cov- ered by the permit. "The permit included a 'no- objection' to the uprooting of other trees that are not pro- tected under S.L. 549.123," ERA said. 725 trees are to be planted as compensation. A contribution of €283,000 to ERA's environment fund is also bound by the permit. ERA green- lights major roadworks in Rabat and Paola

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