MaltaMedia.com

Finance Minister Tonio Fenech has presented Budget 2010 in Parliament. The minister concluded his speech by saying that despite the whole world, including Malta, passing through a difficult financial crisis this past year, the government has not given up hope and still believes in the capabilities of the people.

Tonio Fenech reading Budget speech in Parliament

Highlights of the budget:

20:48 CET – Installation of electricity smart meters.

20:43 CET – Support for alternative energy sources.

20:36 CET – Pharmacy of your Choice scheme to be expanded.

20:33 CET – Reform in single means testing for social benefits.

20:28 CET – Increase in benefits for children in care outside their family.

20:23 CET – Incentives to support creativity including digital film-making, research and innovation.

20:18 CET – Agency for Youths to be launched in the next few weeks.

20:15 CET – EUR 16 million on e-learning and more funds to MCAST, ITS and University.

20:10 CET – Increased expenditure on education.

20:08 CET – Implementation of Eco-Gozo vision with EUR 25 million over a period of three years.

20:00 CET – Work to start to connect Malta to European energy grid.

19:58 CET – Funding for Valletta City Gate project.

19:56 CET – Millions to be spent on conservation of heritage, including emergency repairs of Fort St Angelo.

19:53 CET – Reform of commercial vehicle licensing.

19:50 CET – Allocation of funds for reform of public transport.

19:48 CET – EUR 43.7 million to be spent on roadworks

19:45 CET – Support to families that consume less than 10,000 units in view of upcoming higher electricity and water tariffs as from 1st January 2010.

19:39 CET – Creation of an entity to protect consumers

19:36 CET – Setting up of a national fund for investment

19:28 CET – Amalgamation of VAT Department, Inland Revenue Department and Customs.

19:25 CET – Financial childcare incentives to mothers undergoing training programmes together with the intention of opening more SmartKids centres.

19:20 CET – VAT on restaurants will not be lowered

19:15 CET - Increase in budget for the Malta Tourism Authority.

19:05 CET – EUR 1.7 million to be allocated for research, development and innovation.

19:02 CET – Malta Enteprise will continue to be transformed

19:00 CET – €16.31 levy on credit cards to be eliminated and licences for boats reduced.

18:50 CET – Aim is to control the deficit.

18:45 CET – Cost of living increase to be €5.82 per week.

18:43 CET – Economic growth in 2010 expected to be 1.1% and inflation rate to be 2.0%. Deficit in 2010 is expected to be 3.79%

Earlier on the minister presented the budget to the President of Malta Dr George Abela who signed it. The Finance Minister was accompanied by Parliamentary Secretary Jason Azzopardi and the Speaker of Parliament Louis Galea.