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MaltaToday 7 September 2022 MIDWEEK

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WWW.MALTATODAY.COM.MT WEDNESDAY EDITION €1.00 WEDNESDAY • 7 SEPTEMBER 2022 • ISSUE 809 • PUBLISHED EVERY WEDNESDAY AND SUNDAY EDITORIAL • PAGE 11 PAGE 3 PAGE 4 PAGE 6 Employers want government to cap COLA at €6 for next 5 years Maltese most optimistic in the EU on economy JAMES DEBONO MALTESE are the most optimistic on their country's economic prospects in what is an otherwise gloomy European outlook, a Eurobarometer survey shows. Malta is the only EU state where a rel- ative majority expect the economic situ- ation in their country to get better in the next 12 months. 'No new taxes' LUKE VELLA FINANCE Minister Clyde Caruana pledged that no new taxes or burdens would be introduced in the upcoming budget. In his opening comments at a meeting with the social partners on their budget proposals, Caruana promised that gov- ernment would not go down the auster- ity route. "I want to assure everyone that the country is up to the current challeng- es. We do not need to go down to the austerity route and introduce new tax- es. We will not add new burdens on the taxpayers and businesses in any way," Caruana said. The Finance Minister said people were more anxious than usual about the con- tents of this year's budget due to the global circumstances. Caruana said the economic challenges presented by the war in Ukraine were bigger than those during the pandemic. "The metric with which one calculates the resilience of the country is through the national debt. Whilst the average debt to GDP ratio for the euro zone stands at around 100%, that of Malta is under 60%, and I want it to remain that way," Caruana said. Addressing the rising energy prices, he said that other European countries were realising that they had to cover the costs in order to avoid an economic collapse. Clyde Caruana says the COLA in 2023 Budget will be between €9 and €10 per week, insists country does not need to go down austerity route

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