Malta to benefit from EU funds to maintain its economic and social development
Malta will continue to benefit substantially from European Union funds after 2020, despite that the country developed with a fast rate and the economy grew substantially more than the established European regulations in this regard.
This follows today’s European Commission’s presentation for discussion of a number of proposals to improve the Cohesion Policy – the funds given to member states for their social and economic integration.
A statement issued by the Government said that, although Malta reached a high level of economic development, the Commission announced it will widen its measurement parametres in relation to economic growth for regions which were in a transitory period in order to continue improving their economic and social situation in the seven years after 2020.
This will permit results achieved so far by Malta and other regions during their transitory period to be strengthened and improved further until they reach a high level of social development among citizens and more economic growth to increase with the current rhythm they are experiencing in their country.
It was also pointed out in the statement that the Commission stated that the cohesion funds will be reduced due to Brexit. Therefore, after 2020, the amount of funds for distribution will be €373 billion. Together with this amount, funds will be added in specific sectors which will be given priority between 2021 and 2027, such as agriculture, education, migration and security which will have their budgets substantially increased.