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Malta announces the government budget for 2020, new social welfare analysis
In October, Malta’s finance minister Edward Hikruna announced the annual budget 2020 in Parliament. The new budget shows that Malta’s GDP is expected to grow by 4.3% next year, its debt-to-GDP ratio is cut to 40.4%, it will continue to run a fiscal surplus for five consecutive years.
The Malta budget in 2020, there are numbers of initiatives to improve the welfare of the elderly such as increasing pensions and various pension subsidies, issuing government savings bonds and free use of public transport.
Maltese who have worked in high risk sectors such as the police, army and civil defense, they will be obtained higher pensions than the past.
The new budget also mentions the following changes that will occur in Malta:
1. Malta’s free public transport benefits will be extended to people over the age of 75 in 2020. This benefit is also available to all full-time students.
2. Malta is committed to developing green transportation and building a green country in 2020. From 1st January, cars using gasoline and diesel engines will be phased out, and natural gas equipment and charging piles will be placed at various gas stations in Malta and gozo.
3. The Government of Malta will provide a subsidy of up to 1,500 euros for scrapping old cars and 200 euros for alternative fuels. In order to encourage the use of electric vehicles, the government will also give the owners some corresponding electricity tariffs.
In the future, Malta will also completely ban the use of disposable plastic products and contribute to the protection of the global environment.
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