Issue link: https://maltatoday.uberflip.com/i/1516098
maltatoday | SUNDAY • 18 FEBRUARY 2024 THIS IS A PAID COLLABORATION By Ronald Mizzi Permanent Secretary Ministry for the Economy, Enterprise and Strategic Projects In the face of global economic uncertainties spurred by events like the COVID-19 pandemic, the Russia-Ukraine War, the conflicts in the Middle East, and Brexit, Malta, like many other nations, grapples with the challenge of stabilizing food prices. As a country heavily reliant on imports, Malta's vulner- ability to price fluctuations is par- ticularly acute. In response, the Maltese Government has under- taken various measures to mitigate the impact, including subsidies and aid programs aimed at sup- porting families and businesses facing financial strain. One of the government's most recent initiatives, Stabbiltà, spear- headed by the Economy Ministry, targets the stabilization of food prices. Launched on February 1st, Stabbiltà requires major import- ers and retailers to slash the rec- ommended retail prices of staple foods by a minimum of 15% com- pared to 31st October 2023 levels. Furthermore, these reduced prices are to be maintained for the com- ing months until the announce- ment of the Government's Budget for 2025. The selection of staple categories, 15 in total, was metic- ulously curated, focusing on items most susceptible to inflation and consumed the most by the Mal- tese, especially those with limited financial means. The implementation of Stabbiltà was preceded by extensive ne- gotiations between the Ministry, key stakeholders, and major food products importers and retailers. The resulting agreement reflects a shared commitment to shoulder- ing the burden of absorbing infla- tionary pressures, thereby contrib- uting positively to the community. This was not an easy task and I dare say that what has been achieved here was rather historic. Once the commitment with the major importers and retailers was secured, the Ministry wanted to extend the participation in the in- itiative to all other small and me- dium-sized businesses selling food products. By participating in this alliance, on the one hand the Gov- ernment would ensure a better outreach of this initiative, whilst participating businesses reap the benefits for their own business and customers. Notably, to date, over 473 outlets across Malta and Gozo have enthusiastically em- braced the initiative, offering more than 400 food products at reduced RRPs. Recognizing the challenges faced by smaller businesses, the Min- istry has also introduced a grant scheme to support their partici- pation in Stabbiltà. Eligible par- ticipants, with annual sales not exceeding EUR 800,000 in 2022, stand to receive a monthly grant of EUR 125 under certain terms and conditions. This financial support aims to level the playing field and ensure that businesses of all sizes can contribute to stabilizing food prices for the benefit of consum- ers. To facilitate public awareness and participation, an extensive information campaign has been launched in collaboration with servizz.gov. The dedicated portal, stabbilta.gov.mt, serves as a us- er-friendly hub for enrolling in the initiative, accessing detailed infor- mation, and identifying participat- ing outlets. Furthermore, ongo- ing efforts through various media channels will ensure that the pub- lic remains informed and engaged throughout the initiative's dura- tion. Stabbiltà stands as a testament to the government's unwavering commitment to safeguarding the well-being of its citizens and fos- tering economic resilience. By en- suring stability in food prices, this initiative not only alleviates finan- cial strain on households but also supports the viability of businesses in the food sector. For further information, indi- viduals are encouraged to visit ekonomija.gov.mt or contact the freephone helpline at 153. Stabbiltà: ensuring stability in malta's food market Stabbiltà requires major importers and retailers to slash the recommended retail prices of staple foods by a minimum of 15% compared to 31st October 2023 levels To date, over 473 outlets across Malta and Gozo have enthusiastically embraced the initiative, offering more than 400 food products at reduced RRPs