Malta plans to spend 508 million euros (501.4 million U.S. dollars) in 2023 to ease the impact of rising energy costs, Prime Minister Robert Abela said.
In the 2023 budget plan unveiled by Finance Minister Clyde Caruana, the energy expenditures account for 9.3 per cent of the government’s recurrent expenditure.
Tax cuts would have saved families with two working adults 510 euros (503.4 dollars) a year, Caruana said, while subsidising energy costs will save them electricity costs and car fuel.
Among the measures announced were a living grant of 9.9 euros per week for every employee and an increase of 12.5 euros per week for pensioners.
“This is not the time for austerity measures but time to invest more to generate stronger economic growth,” Abela said.
He added that the budget will give families certainty, help them in their struggles and enable them to plan their future.
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