The Budget for 2023 will be announced on October 24, Prime Minister Robert Abela said on Tuesday.

In comments to TVM, the Prime Minister said that as reflected in the pre-budget document, the government’s vision for the coming year was one based on the stability and sustainability of measures.

The pre-budget document was detailed and comprehensive and reflected the stability given to the country at very challenging times.

Future measures and the aid that has to continue to be given to those who can least afford had to continue to be built on stability, Abela said.

Finance Minister Clyde Caruana said last Friday the government will spend around €608 million in subsidising energy and food prices next year, an increase of €135 million on this year’s spend.

He said that although this large sum will amount to 3.6% of GDP, the government is determined to keep subsiding energy prices for as long as the cost-of-living crisis continues while still aiming to reduce the national deficit by the end of next year.

The government is currently absorbing the increase in energy prices by subsidising Enemalta and also paying out subsidies to importers of cereal, flour and animal feed. 

Caruana said the deficit should be at 5.8% by the end of this year, which he said was well within last year’s targets.

The minister will on Friday be taking questions on the nuts and bolts of the upcoming budget as he finalises the government’s financial document for the year ahead in a Times of Malta debate.

The event will be held at the new Theatre Next Door in Magħtab from 8.30am till 11am.