Credit rating agency Moody’s has praised the adoption of laws based on the Venice Commission’s recomendations, according to a government statement. 

The full Moody’s report was not included with the statement. 

According to the government, the report said the adoption of new laws was a sign of determination by Prime Minister Robert Abela in tackling Malta’s instutitonal challenges. 

The report confirms the government took onboard the Commission’s recommendations and shows how the administraiton led by Abela was working to improve good governance, the statement continued. 

Moody’s gave an A2 rating to Malta’s institutions, stating governance structures in the country “is in line with peers”, the statement said. 

On the economic front, the government said the Moody’s report said that while the coronavirus had impacted the economy, the shocks are expected to be largely transient with the Maltese economy returning to growth in 2021. 

Moody’s confirmed the country’s prospects are “stable”, the government said. 

The government said it welcomed this “vote of confidence” in the economy and instutions, and reiterated its committment to further reforms.