The Commission approves the Government’s economic support measures which amount to €215 million
Link to statement: https://ec.europa.eu/commission/presscorner/detail/en/ip_20_747
The European Commission approved the economic support schemes launched by the Maltese Government to protect jobs, businesses and the self-employed whilst preserving the economy. Most significantly, the European Commission approved the Government’s economic support measures amounting to €215 million which provides employees a monthly wage salary of €800 through the COVID Wage Supplement.
In a statement, the Commission describe the Maltese Government economic support measures as ‘necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member States in line with Article 107(3)(b)TFEU.’ It is on this basis that the Commission approved the measures under EU state aid rules.
In view of this, the Maltese Government welcomes the approval of the European Commission which allows the government to introduce direct grants as well as subsidised loans which will allow economic stimulus and for the economy to regain its footing.
Minister for the Economy, Investment and Small Businesses Silvio Schembri said that the European Commission’s own approval of the way the Maltese government is dealing with the disruption the COVID-19 pandemic brought about is a certificate for the economic decisions taken, which resulted in a surplus and a significant increase in revenue rendering it in a good position to help businesses and the self-employed to face this unprecedented economic storm.
‘Having the lowest debt rate amongst European member states and registering the highest economic growth in the past years puts Malta at an advantage when compared to the rest of its European peers, which enables our country to restart its economic activity from a strong position’, said Minister Schembri.