VALLETTA, Oct. 25 (Xinhua) -- Malta plans to spend 508 million euros (501.4 million U.S. dollars) in 2023 to ease the impacts of the rising energy costs, Prime Minister Robert Abela said on Monday.
In Malta's 2023 budget plan unveiled by Finance Minister Clyde Caruana on Monday, energy expenditures account for 9.3 percent of the government's recurrent expenditure.
Tax cuts would have saved families with two working adults 510 euros (503.4 dollars) a year, Caruana said, while subsidizing energy costs will save them electricity costs and car fuel.
Among the measures announced were a living grant of 9.9 euros per week for every employee and an increase of 12.5 euros per week for pensioners.
"This is not the time for austerity measures but time to invest more to generate stronger economic growth," Abela said, adding that the budget will give families certainty, help them in their struggles and enable them to plan their future.
