The Nationalist Party observed on Monday that credit rating agency Fitch in a report last week had given a different picture of Malta's economy than what the government was painting.

The agency said it expects Malta’s economy to shrink by a greater margin this year than it expected in July, as it affirmed the country’s A+ long-term rating with a stable outlook.

The PN said a close analysis of the Fitch report showed a mixed view of Malta, with projections of moderate economic recovery - thanks to an injection of EU funds - countered by concerned over good governance and the outlook for the financial services sector. 

The report confirmed PN concerns about international banks ending their relationship with Malta because of the country's deteriorating reputation. This, Fitch said, could undermine investment in the financial sector and impact the economy.  

Fitch also had strong words about a deterioration of good governance in Malta - particularly concerning corruption and the regulatory regime - something which the government had ignored in its statements, the PN said. 

The agency had also observed a deterioration in press freedom, with Malta slipping from 47 to 81 in the ranking of Reporters Without Borders in one year.

Shadow ministers Mario de Marco (finance), Claudio Grech (the economy) and Kristy Debono (investment and SMEs) signed the statement.