Minister of Finance Tonio Fenech of Malta

Minister Fenech expressed his concern about the international financial crisis but said he is optimistic that with everyones help, especially the social partners, Malta can protect itself from economic risks and the countrys economy can continue to grow and create wealth and employment.

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The parliamentary secretary for finance Tonio Fenech has denied that government had actually costed Labour’s proposals to subsidise interest rates for first-time buyers at Lm60 million – instead taking responsibility only for the costing of Labour’s overtime proposal presented last week on Bondiplus.

On Monday’s programme, Bondì was even more categorical in attributing the figures to government, but Tonio Fenech is insisting the government had only costed the overtime proposal.

But Fenech says the Lm12 million figure mentioned by the Prime Minister is based on actual revenue, and not on a survey.

Minister Tonio Fenech has confirmed that the much loved departure tax will be removed as of November 1st 2008.

During a press conference held after a visit to Air Malta offices during which he met the new board members, Mr Fenech said that the e23/Lm10 departure tax, which had been introduced in 1997 under a Labour government, will be removed.

Referring to the initiated EU infringement procedures against Malta over the departure tax, Mr Fenech said the government did not agree with the EU’s stance and pointed out that the tax certainly did not hold back the Maltese from going abroad.

Departure Tax is off the books from 1 November: Fenech is telling US that the government is taking a positive responsible action and even has a plan when to put it in place.

Deutsch (de)English (en)franais (fr)E-mailPrintFocusBoard of GovernorsTonio Fenech, new Governor for MaltaDate:22/05/2008High ResolutionMr Tonio Fenech has been appointed Minister of Finance, Economy and Investment of the Republic of Malta as from March 2008, taking over this portfolio from Mr Lawrence Gonzi, who remains Prime Minister and who had previously combined the two portfolios of Prime Minister and Minister of Finance.

In March 2004, Mr Fenech was appointed Parliamentary Secretary in the Ministry of Finance.

Government is not offering early retirement schemes for dockyard workers in an attempt to keep them out of the labour market, Finance Minister Tonio Fenech said yesterday.

Mr Fenech was speaking during a business breakfast which launched the consultation process for the National Reform Programme 2008 –2010.

Mr Fenech was giving comments to the press after a meeting with members of the Malta Council for Economic and Social Development (MCESD) held yesterday afternoon.

Mr Fenech said that the cost of living increase might be around Lm1.

Mr Fenech said that a final meeting will be held with the parliamentary group today before the final document is drawn up.

weekend in the island’s capital, Valletta.

Mr Fenech said the country’s service-oriented economy “requires sorely-lacking office space.

As the man who spearheaded both processes, parliamentary secretary Tonio Fenech is proud of his accomplishments, but warns that an election in November could jeopardise the governments two main objectives.

In October 2006, despite warnings by economists on the potential harm of undeclared funds, Tonio Fenech had declared that it was still too early in the day to decide whether to grant an amnesty to those who have kept thousands of liri in circulation without ever declaring them.

Fenech had also said there was a moral aspect that government would have to consider before declaring yet another amnesty, as law-abiding citizens will feel that they always lose out to those who just break the law.

Its a double-edged sword, Fenech said in 2006.

Tonio Fenech is still uncomfortable with the idea of amnesties for tax evaders.

Fenech is cautious, insisting that it is too early to pronounce himself on tax cuts.

Tonio Fenech has also taken upon himself the task of spearheading the logistical transition to Mater Dei.

In his meetings with the GWU delegation, Mr Fenech was asked to consider, among other proposals, turning the dockyard into a cooperative.

Fenech said that currently there was an EU-wide discussion which was looking at the various reduced rates that different Member States had obtained through the years “to create a more uniform scenario.

Dr Tonio Fenech has been trained in the UK as a mediator and is accredited to the Centre for Dispute Resolution (UK) and Dr Austin Sammut is planning to go over to the UK to be trained in mediation in September.

Finance Minister Tonio Fenech said the new regulatory model would introduce more social responsibility without shackling the international aspect of operators’ licences and ventures.

Mr Fenech was speaking on Friday at a conference on internet gaming organised by the Chamber of Advocates.