The Maltese chamber for small and medium enterprises (SMEs) has suggested the government tap into the funds collected through the country’s citizenship-by-investment scheme to help businesses cope with the outbreak of covid-19.
According to the industry body, Malta accumulated around €600m (£544m, $669m) through its Individual Investor Programme.
But economy minister Silvio Schembri took to social media to claim that acting on the chamber’s suggestion would be “unwise”, according to local newspaper Times of Malta.
‘Not the time to panic’
In a video message Schembri shared on his Facebook page, he said measures taken to fight the coronavirus outbreak are meant to protect jobs on the island.
“It would be immature to use the €600m the country made from the passport sale scheme at one go, just because business is not doing well,” he said.
Schembri added that the government had an action plan to deal with the situation, but provided no details.
“We are taking the matter seriously. We are taking important decisions,” he added.
“Last week we assessed the economic situation and prepared an action plan. This is not the time to panic.
“Businesses that held on to all profits when the going was good cannot expect workers to bear the burnt now, or for taxpayer money to make up for their losses.
“The government will be there to help businesses overcome the situation.”
