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7 maltatoday | WEDNESDAY • 19 FEBRUARY 2020 NEWS ANALYSIS While praising Abela for his first steps, she called for greater com- mitment to ensure a wider redis- tribution of wealth and promised to remain honest to her socialist principles and ready to voice her concerns. PL president Daniel Jose Micallef also reaffirmed the party's role as a watchdog on the government and also as a source of new proposals like the one he made on restricting traffic in ur- ban centres. Infrastructure and road-widen- ing Abela expressed his full trust in Infrastructure Minister Ian Borg whom he singled out for praise, despite criticism by environmen- talists on his way of getting things done, includes the destruction of large tracts of agricultural land for the Central Link project. While Abela may be in synch with public opinion, which sees road-widening projects positive- ly, he may be losing an opportu- nity to change the emphasis to- wards public modes of transport and pedestrianisiation. On this aspect Daniel Jose Mi- callef was more innovative by coupling support for road-widen- ing to more pedestrianisation in urban areas. It also remains to be seen whether Abela will push for a mass transit project or whether the idea has been shelved. Delivering change While emphasising continuity with the economic model, result- ing in economic growth, Abela shows greater awareness of sus- tainability and governance issues even if he falls short of outlining concrete steps to achieve his goal of increasing wages, beyond his 'equal pay for equal work' com- mitment. From pro-business to pro- market Abela has repeated his new "pro-market" instead of "pro-business" mantra to signal a clear change in approach with the Muscat years. Yet he has still to explain what this entails apart from a difference in seman- tics. Abela here walks on a tight rope between retaining the same rhythm of growth in sectors like construction while at the same time ensuring sustainability and diversification. Rents and wages While on housing Abela af- firms the government's goal of ensuring accommodation that is affordable for everyone, even though the new law regulating rents and construction of new so- cial accommodation are steps in the right direction, this may re- quire further government inter- vention in a sector where being pro-market clearly fails in ensur- ing social justice. As regards wages Abela is right in challenging the injustice of workers doing the same job in the same workplace for different pay simply because some work gets sub-contracted. But Abela, who like Muscat before is so keen to emphasise Malta's A ratings by credit agencies, refrains from mentioning other official statis- tics showing Maltese workers receiving a smaller share of their country's GDP than they were at the beginning of the decade. On this aspect Abela has already excluded a debate on whether a living wage should be introduced. Still to Labour's credit Abela could also mention a number of measures like free childcare, free SEC exams, free school transport and pension increases, which have spared Maltese families from austerity despite widening inequalities. Intelligent development Abela's answer to the problems created by endless construction is not to slow down the rhythm of work but to encourage "intel- ligent development" and "urban greening". But protecting exist- ing urban spaces and skylines in localities and reclaiming pave- ments encumbered by chairs and tables, also requires changes in policies. The risk is that "intelli- gent development" may end up being another way of greenwash- ing the industry, avoiding any serious debate on the impact of gentrification and the commodi- fication of public spaces. Discipline and normality Abela insists that his leadership will ensure "discipline" to en- sure that "certain lines are never crossed" and "what happened never repeats itself". The speech was itself replete with references to past mistakes but the failure to mention them and attribute responsibilities for them suggests that Abela is still scared of tackling Muscat's toxic legacy head-on. Abela's reference to the current scandal facing the police force al- so feel short of recognising a de- gree of political responsibility for the state of the police force under the previous Labour government. Abela's promise that things will change under his watch gives the impression that what happened before him can be overlooked or forgotten. He also frames good governance as a way of restoring "normality, tranquillity and sta- bility" rather than a fundamental shake-up of the way the institu- tions work. But the very fact that Abela is recognising this issue as a prior- ity does sends the right message to Maltese society at large, who since panamagate was given the impression that everything goes. between continuity and change STOCK TAL-GVERN MALTA GOVERNMENT STOCK Secure Investment Issue of €60,000,000 (by auction) Fixed Rate Malta Government Stock (subject to an over-allotment option of an additional amount up to a maximum of €40,000,000) Fixed Rate Malta Government Stock The Treasury shall be issuing by auction €60,000,000 Fixed Rate Malta Government Stocks subject to an over- allotment option to increase the sum to be raised up to a maximum additional amount of €40,000,000 as follows: (i) 0.40% Malta Government Stock (Second Issue) Maturing in 2026; and (ii) 1.00% Malta Government Stock (Second Issue) Maturing in 2031; and (iii) 1.50% Malta Government Stock (First Issue) Maturing in 2045; or (iv) Any combination of the above three Stocks which in the aggregate shall be €60,000,000 Applications in the form of sealed bids (competitive auction) for a minimum of €500,000 and multiples of €100,000 each open on Wednesday 26 th February 2020 at 8.30 a.m. and close at noon of the same day or earlier at the discretion of the Accountant General. Bids on the prescribed forms are to be transmitted by e-mail at the e-mail addresses indicated on the application form or by fax on 2596 7210 or deposited in the Treasury's tender box in Floriana. The application forms may be obtained from all members of the Malta Stock Exchange and other authorized Investment Service Providers or downloaded from the Treasury's website at www.treasury.gov.mt. MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH INTEREST PAID UP TO THE DAY OF RE-SALE OF STOCK ◆ SECURITY ◆ CONTINUOUS LIQUIDITY ◆ INTEREST EVERY SIX MONTHS ◆ (The value of the investment may go up or down during the tenor of the Stock) Treasury Department, Development House, Level 2-3, St. Anne Street, Floriana, Malta.