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Fitch expects Malta deficit to be 8.2% in 2020, debt up by €2 billion

Fitch believes Malta’s real GDP will contract by 5.9% in 2020, a more austere outlook than a recent IMF prediction   Credit rating agency Fitch has revised Malta’s outlook to stable, from positive, and affirmed its A+ credit rating. Fitch believes Malta’s real GDP will contract by 5.9%...

Fitch revises Malta’s outlook to stable; Moody’s affirms A2 rating

Fitch Ratings has revised Malta's Outlook to Stable from Positive,  while Moody's has affirmed the country's A2 rating.   Fitch said its outlook revision reflects the significant impact of the global coronavirus pandemic on Malta's economy and public finances.   Fitch said it forecasts real GDP to contract 5.9%...

Fitch Revises Malta’s Outlook to Stable; Affirms at ‘A+’

Link to Fitch Ratings' Report(s): Malta - Rating Action Report   Fitch Ratings has revised Malta's Outlook to Stable from Positive and affirmed the Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'A+'.   A full list of rating actions is at the end of this rating action commentary.   Under EU...

More Financial Assistance To Help Businesses Address Liquidity Difficulties

During a Press Conference, Minister for Finance and Financial Services Prof. Edward Scicluna and Parliamentary Secretary for Financial Services and Digital Economy Clayton Bartolo announced more financial assistance to ease businesses’ liquidity constraints due to COVID-19 pandemic.   Following the launch of the Tax Deferral Scheme and...

MGA and FIAU combat money laundering with Memorandum of Understanding

The Malta Gaming Authority (MGA) has confirmed that it has signed a Memorandum of Understanding (MoU) with the Financial Intelligence Analysis Unit (FIAU).   The MoU will specifically focus on improving the sharing of information on the areas related to the supervision of Anti-Money Laundering (AML) and...

Russia notifies Luxembourg, Malta about dividend tax increase

Changes will not affect interest gains paid on Eurobond loans, bond loans of Russian companies and loans extended by foreign banks, according to Russia's Finance Ministry.   The Russian Ministry of Finance has notified finance ministries of Luxembourg and Malta about amendments to double taxation avoidance agreements...

Malta’s economy likely to shrink by 2.8%, but will rebound in 2021 – IMF

World Economic Outlook report projects a 7.5% decline across eurozone   Malta’s economy is projected to shrink by 2.8% this year before rebounding into strong 7% growth in 2021, the International Monetary Fund has projected.   The 2.8% contraction would represent a negative shift of more than 7 percentage...

Europe’s fight against money laundering goes on, even in a pandemic

Writing for II, Kenneth Farrugia explains how Malta is rising to the challenge of tackling money laundering.   The fight against money laundering and the financing of terrorism are crucial issues for the integrity and stability of the global financial ecosystem. Nowhere is this more pronounced than Europe, where...

CBM Media Release: Six-month moratorium on loan repayments

The Minister responsible for public health, with the concurrence of and in consultation with the Minister for Finance and Financial Services, issued the Moratorium on Credit Facilities Regulations in Exceptional Circumstances through Legal Notice 142 of 2020. Credit and financial institutions licensed by the Malta...

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