(MENAFN) According to data released by the National Statistics Office, the Maltese government has successfully managed to cut debt piled up in the economy, Xinhua reported.
Figures showed that the country"s national debt as a percentage of GDP declined from 69.2 percent in 2013 to 68 percent in 2014, representing a cut of the debt-to- GDP ratio by 1.2 percent in a year.
Figures of the structure of general government debt also showed that the composition of the debt remains generally local with most of the debt having a medium to long term maturity.
Malta"s Minister for Finance commented that the successful accomplishment of both deficit and debt targets led the European Commission to "recommend Malta to be removed from the excessive deficit procedure."
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