Government debt reaches nearly €12 billion – NSO

At the end of April 2026, Central Government debt stood at €11,974.2 million, an increase of €1,139.0 million when compared to 2025, the NSO said Wednesday.

This was one of two statements that the NSO withheld last Friday, citing election rules which prohibited it from publishing statements that could influence voters on what is known as the day of reflection before the election.

The NSO, however, had published such figures on the day preceding the 2022 election.

In its statement Friday, the NSO said the increase reported under Malta Government Stocks (€942.4 million) was the main contributor to the rise in debt. Higher debt was also reported under Treasury Bills (€249.9 million) and Euro coins issued in the name of the Treasury (€5.4 million).

This increase in debt was partially offset by a drop in the 62+ Malta Government Savings Bond (€37.7 million) and Foreign Loans (€2.3 million). Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €18.7 million.

The NSO said that by the end of April 2026, the Government’s Consolidated Fund reported a deficit of €65.5 million.

Between January and April 2026, Recurrent Revenue amounted to €2,855.7 million, €635.7 million higher than the figure reported a year earlier. The largest increases were recorded under Income Tax (€347.5 million), Value Added Tax (€102.0 million) and Grants (€100.4 million) . On the other hand, lower revenue was recorded under Fees of Office (€8.5 million), Dividends on Investment (€5.1 million) and Sales – Others (€1.6 million).

Total expenditure by the close of April 2026 stood at €2,921.1 million, €439.8 million higher than the previous year.

During the reference period, Recurrent Expenditure totalled €2,578.6 million, an increase of €359.4 million compared to the €2,219.2 million reported the year prior. The main contributor to this increase was a €191.8 million rise reported under Programmes and Initiatives. Further increases were also recorded under Contributions to Government Entities (€65.9 million), Personal Emoluments (€59.9 million), and Operational and Maintenance Expenses (€41.7 million).

The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€60.6 million), Medicines and surgical materials (€17.0 million) and Energy support measures (€16.6 million).

The interest component of the public debt servicing costs totalled €105.0 million, an increase of €10.7 million when compared to the previous year.

By the end of April 2026, Government’s capital spending amounted to €237.6 million, €69.7 million higher than the comparative period in 2025. Higher outlay was, among others, reported towards Road construction and improvements (€19.6 million), Development of a second electricity interconnector (€14.4 million) and Property, Plant and Equipment (€11.8 million). The rise in spending was partially offset by drops recorded under the Investment Incentives (€15.1 million) and Investments in Physical Assets (Agricultural EU funds) (€6.0 million).

The difference between total revenue and expenditure resulted in a deficit of €65.5 million being reported in the Government’s Consolidated Fund at the end of April 2026, in comparison to the €261.4 million deficit registered the year prior. This difference mirrors an increase in total Recurrent Revenue (€635.7 million), coupled with a lower rise in total expenditure, which consists of Recurrent Expenditure (€359.4 million), Interest (€10.7 million) and Capital Expenditure (€69.7 million).