Issue link: https://maltatoday.uberflip.com/i/1530615
THE Auditor's report for 2023, published a few days ago, makes fascinating reading and, as the Auditor General points out in its introduction, there are four important and main issues that require attention. These are the bypassing of procurement regulations, including services rendered under expired con- tracts and the absence of the necessary approval; the limited internal controls and Standard Operating Procedures; the lack of substantiating documentation supporting the payment of al- lowances and overtime; and the inadequate project management leading to delays and overspend- ing. I am sure that the various ac- counts of mismanagement re- corded by the Auditor will be publicised in the media in the days to come. There are so many that one contribution of mine will not suffice. The report says that during 2023, the Maltese government acquired a new investment of 500,000 shares of €1 each in KM Malta Airlines Ltd. The total amount of €500,000 was transferred to this new company, as part of the na- tional airline restructuring assis- tance. Otherwise no new invest- ments were recorded. According to the dictionary, an investment is an asset or item ac- quired to generate income or gain appreciation. Appreciation is the increase in the value of an asset over time. It requires the outlay of a resource today, like time, effort, and money for a greater payoff in the future, generating a profit. And yet, the government prop- aganda machine is continually boasting of its investment in our children's future, in the environ- ment, in the people's health and in so many other things. The misuse of the word 'investment' is obvi- ous. This point, incidentally, was made by Alfred Sant last Mon- day in his weekly column in The Malta Independent. He insisted that the word investment has a precise meaning, explaining that 'broadly speaking, it refers to those funds that get spent on raw materials, equipment and techno- logical knowhow which add up to launch projects meant to create future wealth, by serving as infra- structure (like roads, water reser- voirs...). Or, alternatively by run- ning as enterprises which create wealth as when products are man- ufactured by workers employed in the project that over the years will yield profits from sales to under- write the initial investment.' That is, of course, Alfred Sant's interpretation of the word in- vestment, rather than its 'precise meaning' as he claims. He goes on to complain that the word 'investment' is today being used more loosely. Too loosely, I would say. For example, an in- crease in the pay of government employees and increases in social benefits are described as 'invest- ment'. This criticism of the use of the word 'investment' by current ad- ministration's propaganda ma- chinery is certainly justified, even though Sant's interpretation of the word 'investment' is much wider than that of the Auditor General. According to the government's spokesmen and spokeswomen an- ything can be labelled an 'invest- ment'. The building of a school is an 'investment' in our children's future. The building of a road is an 'investment' in our transport sys- tem. This goes on and on. It seems that everything the government spends money for is an 'invest- ment'. By this reckoning, whenever I use the toilet, I would be 'invest- ing' in my health. But the government insists on using the word 'investment'. It seems that the dividends from all this 'investment' are expect- ed by the party in government in the guise of votes in the elections, rather than by the exchequer it- self! Meloni - a shining star The website Politico recently re- leased a list of the most influential names on the European continent and also listed the top woman, specifically, the female personality whose word matters more than any other in Europe. She is not Ursula von der Leyen, President of the European Commission but it is Italian Prime Minister Giorgia Meloni, who is the most powerful woman in Europe. The fact is, however, that before she was elected prime minister of Italy, hardly anyone knew her. All they knew was that her for- mer partner and father of her only daughter was a left-wing journal- ist. After divorcing her husband, Meloni took to the European stage, proving her diplomatic mastery as the camera captured her chatting with Elon Musk. According to Politico, if some- one wants to talk to Europe, even if it is Elon Musk – the world's richest man and a close adviser to Donald Trump – they have to dial Meloni's phone number. In a few years, the leader of the right-wing Fratelli d'Italia party has transformed herself to a com- manding figure with whom Brus- sels and Washington can work. Meloni made headlines around the world when she won the title of the first female prime minister in Italy. Indeed, at the time few had predicted that her tenure in power would last. Shortly after taking office as prime minister in 2022, Meloni was quick to promote retrograde policies on issues such as immi- gration and the rights of the LG- BTQ+ community, issues that would once have drawn harsh criticism from Brussels. Instead, the reaction from Eu- ropean Union leaders has ranged from indifference to approval, with many accepting Meloni as the delightful spokesperson "blos- soming" on both sides of the At- lantic. Today conventional politi- cians are unable to deal with her on the European stage. In the past two years, howev- er, Meloni has consolidated her government as one of the most stable in Italy's post-war history, while she kept on publicly using the traditional masculine form of her official title, 'Il Presidente del Consiglio'. The columnist Charlemagne, who writes a commentary about the EU every week in The Econ- omist, recently described her as 'Europe's Trump card.' The pun is obvious. But the idea is that the EU could and should use Meloni to tackle Donald Trump. According to Charlemagne, two groups in the EU are jostling for Trump's affections. The first is the continent's old guard – the leaders of France, Germany and Poland who probably loathe Trump but cannot show it. The other group are 'his ideological chums' – Vik- tor Orban of Hungary and Robert Fico of Slovakia. Meloni finds herself with a foot in both camps and facing a bal- ancing act: How to benefit from her proximity to Trump without alienating her existing EU allies. How she will play her cards in the circumstances will be an inter- esting exercise. 3 maltatoday | SUNDAY • 15 DECEMBER 2024 OPINION Investment, what investment? micfal45@gmail.com Michael Falzon The leader of the right-wing Fratelli d'Italia party has transformed herself to a commanding figure The government insists on using the word 'investment'. It seems that the dividends from all this 'investment' are expected by the party in government in the guise of votes in the elections, rather than by the exchequer itself !