Veteran economist Karm Farrugia, who was known for his left-wing views, has died aged 87.

Mr Farrugia was a frequent contributor on economic matters in the media, including in Times of Malta.  

After studying accounting and secretarial disciplines at the London University, he obtained an MSc in economics from the London School of Economics and Political Science. He also qualified as a cost and management accountant and auditor and was elected fellow of The Chartered Institute of Secretaries and Administrators.

For many years, he lectured economics and industrial management at the University of Malta and was a mentor to Finance Minister Edward Scicluna, who was one of his students.

A mentor to Finance Minister Edward Scicluna

In the period after Labour was elected to government in 1971, Mr Farrugia served as a director of the then Malta Development Corporation at a time when the country faced a number of economic challenges as a result of the departure of the British forces.

He also had a short stint as Central Bank of Malta deputy governor between February and July 1973.

At one time, he was a close associate of former Prime Minister Dom Mintoff, but Mr Farrugia severed relationships with the Labour leader in the 1970s.

Later on, Mr Farrugia served as managing director of Malta Shipbuilding Co. Ltd, an economic consultant to the General Workers’ Union and president of the Federation of Industry.

In 2015, Mr Farrugia was appointed by Prime Minister Joseph Muscat as a member on the board of governors of the National Development Fund, which administers the proceeds from the sale of passports.

Mr Farrugia died on Saturday and is survived by his daughters, Dawn, and her partner Joe, Julie, and her husband Alwyn, and his grandchildren Nicola, Katrina and Peter.

A private funeral was held on Tuesday.