In a political speech in Mqabba yesterday, PL Leader Joseph Muscat said that a new Labour government will govern with a theme of unity but this does not mean that all those who have been involved in financial decisions, to the detriment of the Maltese people, will not be held accountable.
Joseph Muscat said that the Gonzi government is seeking a € 40 to € 50 million loan to help Enemalta’s cash flow. Tonio Fenech has already admitted that Malta would not be able to reach its financial objectives for the current financial year. GonziPN has put Malta into a precarious financial position by amassing a considerable amount of debt. Under the new financial directives, Government cannot keep on borrowing as if there were no tomorrow, so instead, GonziPN is trying to circumvent the problem by arranging another loan in the name of a state owned corporation.
The Finance Minister’s bad financial management has deprived the country of essential funds. The Gonzi government is running out of liquidity and use funds earmarked for state owned companies. This is abusive and puts the welfare of the respective companies and their employees in danger.
Careful and responsible financial management is required at Enemalta. The unkept promises with Airmalta and Drydocks employees are a constant reminder that GonziPN and the government’s mismanagement will not lose any sleep over lost jobs. The Prime Minister should have used funds to solve existing problems, not to create new ones which only increase the financial commitment of the Malta government, whether directly or in the name of state owned companies. The Malita SPV set up to finance Gonzi’s private whip – the new Parliament – is such an example.
Joseph Muscat said that the economic and financial incompetence of the Minister for Finance will eventually have to be borne by the people. Joseph Muscat said that during the last years, Lawrence Gonzi and his Finance Minister have set an inglorious record. National debt has risen to astonishing heights and more than half of this National debt has been entered into in the last 8 years. In fact, all the Prime Ministers before Gonzi, put together, do not even get anywhere near Gonzi’s record of National debt.
The country’s economy is no longer a subject for the few. Nowadays, people from all walks of life know of the country’s economic problems, both directly and indirectly. In fact, the people know that the country pays more in servicing the debt that GonziPN has accumulated. Malta pays more in loan interest than it spends on the building of new schools for a better education for all, said the PL leader.
Tonio Fenech has now started giving excuses regarding the price of utilities. His excuses, if valid now, were valid beforehand and he was therefore dishonest when he had said that he had no option but to raise prices for Water and Electricity.
The Gonzi government has failed in managing the country’s economy. The Finance Minister’s projections have gone haywire. His inclusion of a seven-year income in one year is further proof that he does not care about the future. This means that Malta will not reap any benefits from the concession given for Lotto exclusivity, for the next seven years.
Dr Muscat said that the middle-class is being burdened with GonziPN’s folly. Today, middle-class families struggle to retain their way of life. A new Labour government will help and encourage the middle-class to recover and cope with the standard of living it was used to before the time of GonziPN.
The welfare of the middle-class is very important. This is what drives the economy and the PL will build and ensure a better society with equal opportunities for one and all. The forthcoming Labour Party congress will address this situation, with a vision for the future. This future will not be based on promises but on a series of concrete proposals to the benefit of the whole population. The PL will create a roadmap for the future that would unite all classes of society.
The Labour Leader concluded by referring to Gonzi’s statements regarding values. A politician with strong values was above all a politician who did not take a 500 Euro weekly raise for himself behind the people’s backs. Values are about accountability and responsibility, something which GonziPN does not practice.