Finance Minister Clyde Caruana revealed that the Russian invasion of Ukraine has so far cost Malta €200 million.
Insisting that the impact of the war on Malta is massive, the minister spoke during a debate by the Malta Chamber of Commerce on Thursday, saying he wanted to address the elephant in the room.
Caruana said that all people are talking about the Ukraine invasion, saying he is more worried about it than he was worried about COVID-19 in terms of the economy.
‘This is not just a war with bombs but it is an economic war and its impact will not be small’ said the minister. ‘We have to do whatever it takes to save our economy. I am aware of the massive hit caused by the war. €200 million were allocated in the Budget because of COVID. In one week of war, we are estimating that this will cost us €200 million.’
Forecasting an increase in the future, the minister noted how the increases are happening in a way which never happened before. He said he did not want to make remarks to scare people but it is in fact a serious one.
He insisted that government will ‘cushion the blow’ by assuring that utility bills and fuel prices will remain unchanged throughout this year.
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