International agency DBRS has confirmed Malta’s rating at A (high) level with stable outlook. This means that our country continues to enjoy the best rating ever given by this agency.
The report by these international experts highlights that “the new administration led by Prime Minister Robert Abela has provided a new impetus to efforts to strengthen the rule of law”. In fact, they noted the positive words of the Venice Commission for the six laws passed with a purpose of delivering further separation of powers, improving the system of checks and balances in the governance of our country. The DBRS report states that Malta has a “stable policy environment” and, when taking into consideration the governance measures made by the World Bank, Malta is in the European average.
The report also commends the government’s economic work to counter the effects of the pandemic. In fact, foreign experts note that the unemployment rate has remained at the same low level as before the coronavirus outbreak. According to DBRS, the wage supplement scheme proved essential in saving jobs. In addition, despite the pandemic, a number of sectors, including the financial, gaming and information and communication sectors, have grown at high rates.
While pointing out that the support from government was strong, impacting the national debt, there was confidence about the prospects for our country. This reflected the low debt burden that Malta enjoyed at the start of the pandemic, the result of the fiscal prudence of recent years. In the words of DBRS “the fiscal prudence exhibited by Malta in the past”, gave confidence to foreign institutions.