Issue link: https://maltatoday.uberflip.com/i/1414163
maltatoday | SUNDAY • 26 SEPTEMBER 2021 18 COMMERCIAL OVER €33 million has been spent in government COV- ID vouchers, with the average spend of vouchers standing at €1.37 million on weekends, and €1.22m between Monday and Thursday. The scheme, launched by minister for the economy Silvio Schembri and Prime Minister Robert Abela, has meant a di- rect economic injection of €2.6 million per week. Data from MIMCOL shows that until the 5 September, 74% of the vouchers had been redeemed, an injection of not just money into the economy but renewed confidence among retailers, catering establish- ments, business owners, and consumers. Malta is now recognised as one of the leading countries in the European Union with the best and fastest of post-COVID recoveries, with PM Abela hav- ing been categorical in his pre- diction for a second voucher roll-out that could repeat last year's success with the same positive effect on the econo- my. Thanks to a highly effica- cious vaccination roll-out that placed Malta as the first in the world with regard to vaccina- tions, this year augured an even better outcome for the €100 voucher scheme - a total injec- tion of €50 million. Fortune does indeed favour the bold, with data showing the voucher scheme ultimate- ly reaped the desired fruits: on the domestic front, it has gen- erated strong economic activi- ty that has been pivotl for na- tional regeneration. With the public roped in to participate directly in the re- generation of the economy, the plan to protect businesses and safeguard jobs is now contin- uing in a stable manner with a only a month left until the end of Octoboer to redeem all the remaining vouchers. The Chamber of Commerce, Enterprise and Industry was amongst the first to welcome the second round of vouch- ers, stating that these were launched at a very critical time for businesses, especially for those operating within the tourism sector. The Chamber of SMEs also praised the re- newed scheme, saying the gov- ernment had taken on board its proposal for a fairer distri- bution of the allocation of the vouchers between sectors and that Government is extending a valuable safety net for busi- nesses. "The results of the tough de- cisions we had to make at the most challenging moments are happening," economy minis- ter Silvio Schembri, noting the commendation of participating businesses as consumer confi- dence and the increase in pur- chasing power could be felt in Malta and Gozo. The data for summer in Gozo shows that until September, over €2.4 million were spent on vouchers, boosting the op- erations of hotels, restaurants and other shops during the pandemic. During July and August al- most a million people crossed the channel through the Gozo Channel ferry service, while from Friday 3 September to Wednesday 8 September, more than 98,000 people crossed the channel via the same service. The efficiency in the use of the digital vouchers enabled a positive response from young- er consumers who downloaded the digital version: just a small part of the nearly 120,000 con- sumers who downloaded their vouchers. The positive response from industry and retail to consti- tuted bodies shows the return of consumer confidence, and the importance of the vouch- ers in generating a multiplier effect - some businesses added more monetary value for pur- chases made with them using the full value of the vouchers. Certainly, this economic re- generation scheme proved to be innovative and efficient in channelling funds to help busi- nesses hard-hit by the pandem- ic and to encourage people to return back to normality, en- couraging the public to spend their disposable income in ac- tivities of their own choice. The regeneration scheme has been positive especially when one considers the spin-off cre- ated through the extra spend from using the vouchers, al- most on a euro-for-euro basis. Indeed, it remains a valuable tool to boost the economy and instill back spending confi- dence, which was needed so much in a time where tourist numbers have yet to recover. The €100 government vouchers - a successful economic regeneration scheme Economy minister Silvio Schembri (right) explaining the voucher scheme in a press conference with prime minister Robert Abela