3.2% economic growth by 2017 - Tonio Fenech
Minister for Finance, the Economy and Investment Tonio Fenech published details regarding the cost of the PN's Electoral Programme this afternoon, insisting that forecasts showed an economic growth of 3.2% by 2017.
Addressing a press conference at the PN headquarters, the Minister added that there would be a €60 million reduction in income tax revenue, and will review the removal of stamp duty on inherited property which will cost the Government around €11 million.
An increase of €78 million on free medicines will be needed as well as an extra €10 million for stipends, €12 million for scholarships and €40 million for increases in pensions, he announced.
When speaking on Capital Expenditure, The Minister indicated that an additional €100 million will be needed for the Malta Enterprise. A new development bank will cost €40 million, he explained. With regards to education and arts, The Minister said that €15.7 million will be spent on the Tablet Scheme. In addition, The PN will spend €12 million on a new Arts Academy and €6 million for a new school each year. Lastly, he mentioned a €100 million investment on a new MCAST campus.
With regards to a number of other issues, Minister Fenech spoke of the €50 million needed to reach energy targets. €15 million on will be spent on roads, he said, with €4 million to be allocated to the Eco-Gozo Scheme each year.
Minister Fenech argued that the Government intends to conduct an expenditure review to identify spending efficiency of 2%.