I have no doubt that Robert Abela doesn’t understand the economic and financial reports he receives if he reads them at all. I don’t say this to meaningfully insult him, but I mean literally what I say in a truthful manner. I also think he believes his own bullshit and the propaganda he is given by his sidekick and humble servant Aleander Balzan because he doesn’t know any better. He is genuinely stupid but excels in unashamed and crass opportunistic behaviour and devious conspiracies – just like many criminals.
Robert Abela thinks that the IMF is praising him and his government for a resounding economic recovery, but that’s not what the IMF report actually said. You can read the full report here. IMF reports are generally more reliable than private rating agencies which are privately paid by the government for their ratings and they base their conclusions on data and information submitted to them by the government.
In its report, the IMF has basically said that Malta’s economic recovery was granted thanks to the government’s massive expenditure and subsidy schemes, that the debt-to-GDP ratio is growing faster than other EU states, and that the government needs to restrain its finances by removing energy subsidies and applying new expenditure-reduction measures.
The IMF is basically, arguing that the government should change its fiscal policy. This is not something to celebrate, but it’s something to discuss in a serious, calm, and rational manner. Unfortunately, the Labour government is not engaged in a serious discussion about the economy and the policy remains the same, that is an ever-ending spending spree for any problem or issue that emerges.
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Historian and Publisher
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