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Government predicts a 7.5% deficit for 2020, with economy shrinking by 5.4%

Finance Minister unveils the government's public finance forecasts     The government is predicting a 7.5 percent deficit for this year, but things could change overnight, Finance Minister Edward Scicluna said on Wednesday.   Sharing the government’s budgeting for the year with social partners, Scicluna said his outlook of public...

Business Assistance During The Coronavirus Outbreak

In order to help reduce the effect of the current instability brought about by COVID-19, the Maltese Government has announced measures to assist companies who are the most at risk during these challenging times.     Promoting teleworking activities   Employers investing in a teleworking set-up may benefit from a...

Adapting to the ‘new normal’

The last couple of weeks were very challenging and turbulent for all industries and segments across the globe due to the ongoing COVID-19 pandemic.   Financial services are not only experiencing the challenges of COVID-19 but also highly-volatile markets.   Nevertheless, the current situation has left businesses to rethink...

Avoiding the grey list

The deadline by which Malta has to up its game on its anti-money laundering efforts or risk being placed in the so-called grey list is fast approaching.   The country has been warned, on several occasions, that it needs to step up its fight against money laundering...

IFSP puts industry views on Corporate Governance forward

In parallel with the work being done by the IFSP and its sub-committees with the FIAU and the ongoing discussions with the Malta Business Registry on its services, and the MFSA on its newly minted framework for CSPs, the IFSP has also submitted its views...

New Honorary Life Members of the IFSP

In recognition of their work, Kevin Valenzia and Andrew Manduca have been made Honorary Life Members of the IFSP.   Both Mr Valenzia and Mr Manduca are founder members of the Institute, part of the group that established the Association of Nominee Companies in the late 1980s and then steered the...

Government registers €312 million deficit in first quarter

During the first quarter of 2020, the Government’s Consolidated Fund reported a deficit of €312.5 million, the NSO said today.   Between January and March 2020, recurrent revenue fell by €88.9 million and totalled €925.6 million. This reflected an 8.8 per cent decline from the €1,014.5 million...

Malta’s economic prospects post COVID-19 pandemic

In recent days, the International Monetary Fund (IMF) and two major credit rating agencies – Fitch Ratings and Moody’s – all published updated reports and analysis on Malta’s expected economic performance post COVID-19. Last month, the other major international credit rating agency S&P had also...

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