Parliament has yet to approve the 2016 Budget although the debate was concluded on Thursday.

Contrary to what was done in the past, the House did not vote on every ministry individually and on the Appropriation Bill at the end of the debate.

Sources told the Times of Malta the voting would take place in the final week of November.

On October 14, 2015 the Speaker of the House, Anġlu Farrugia, said earlier this month the government and the Opposition agreed to follow a new Budget approval procedure intended to bring Malta in line with an EU regulation proividing for common monitoring and assessment provisions of draft budgetary plans in the euro area.

The 2013 regulation, enacted in the wake of the financial crisis, seeks to coordinate the preparation of national budgets and gradually strengthen the surveillance and coordination of the economic policy in the EU, particularly within the euro area.

Malta was already submitting its Budget goals, particularly revenue, expenditure, debt and deficit figures, to the European Commission for assessment before presenhting them to Parliament.

Sources told theTimes of Malta that the voting would take place in the final week of November

However, new measures, particularly of a fiscal nature, were not being sent, both because they would not have been concluded yet and also to avoid leaks.

According to the new regulation, member states must submit the draft Budget to the Commission and the Eurogroup by October 15 of every year. This year, the Budget was presented to Parliament on October 12. The Commission’s assessment of the Budget is expected to be published in the whereabouts of November 17, not long after its Autumn European Economic Forecast, scheduled to be released on November 5.

Sources told this paper a positive assessment was expected, particularly in view of the fact that the Commission had not reacted to the draft Budget.

The Commission’s assessment is then forwarded to the Eurogroup, which would also express its opinion. Parliament will vote on each ministry’s financial allocation and on the Appropriation Bill once that exercise is over. If any revisions are demanded these would have to be made prior to voting. The new EU provisions had also led to the 2014 Fiscal Responsibility Act, introducing controls on public expenditure. The government is bound to publish a three-year rolling plan listing its fiscal policy and priorities and set up a Fiscal Council to oversee the plan and report on its implementation.