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Article

Malta: Staff Report for the 2019 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. European Dept.
Published Date:
February 2019
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Fund Relations

(As of December 31, 2018)

Membership Status

Joined: September 11, 1968; Article VIII

General Resources AccountSDR MillionPercent Quota
Quota168.30100.00
Fund holdings of currency139.6882.99
Reserve Tranche Position28.6517.03
SDR DepartmentSDR MillionPercent Allocation
Net cumulative allocation95.40100.00
Holdings87.3291.53

Outstanding Purchases and Loans

None

Financial Arrangements

None

Projected Obligations to Fund 1/(SDR million; based on existing use of resources and present holdings of SDRs)
Forthcoming
20192020202120222023
Principal
Charges/Interest0.090.090.090.090.09
Total0.090.090.090.090.09

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

Exchange Rate Arrangement

Member of the euro area since January 1, 2008. Malta maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions with the exception of restrictions notified to the Fund in accordance with decision No. 144-(52/51).

Article IV Consultation

Malta is on the standard 12-month consultation cycle. The previous consultation discussions took place during November 8–17, 2017, and the staff report (Country Report No.18/19) was brought for the Executive Board’s consideration on a lapse-of-time basis. The Article IV Consultation with Malta was concluded on January 26, 2018.

Technical Assistance
DateDepartmentSubject
September 2018-January 2019MCMFSAP missions
September 2018FADFiscal Transparency
April 2015FADRevenue Administration
November 2014FADRevenue Administration
March 2014FADStrengthening Public Financial Management
May 2013STABalance of Payments
April 2009STASDDS subscription finalization
November 2006STAProducer price index/SDDS preparations
April and December 2007Expert visits
June 2005STAROSC Data Module
October 2002-January 2003MFDFSAP missions (joint with World Bank)
March 2001STAMoney and banking statistics
February 1999MAEMonetary operations and liquidity Forecasting

Resident Representative

None

Statistical Issues

(As of December 31, 2018)

I. Assessment of Data Adequacy for Surveillance
General: Data provision is adequate for surveillance purposes. Significant progress in improving macroeconomic statistics has been made in close cooperation with the European Central Bank (ECB) and Eurostat while upgrading statistical systems to meet the euro area standards. Most macroeconomic statistics can now be accessed through Eurostat and Haver Analytics.
National Accounts: In September 2014, Malta together with all other EU Member States introduced the European System of Accounts 2010 and performed a benchmark revision for reference years 1995 to 2014Q2. It is recommended that benchmark revisions are performed every five years. Consequently, NSO is planning to perform a benchmark revision in September 2019. Data on retail and consumer prices, labor market indicators, and tourism arrivals are released monthly, usually with a short lag. These data are available through Eurostat and Haver Analytics as well as via the Internet at the Central Bank of Malta (CBM) and the National Statistical Office (NSO) websites. The NSO releases quarterly national accounts data in current and constant prices with a lag of about two months, annual nonfinancial sectoral accounts in current prices with a lag of about 10 months, and a monthly index of industrial production with a lag of just over a month. However, national accounts data have been subject to substantial revisions, often affecting several years. The reasons for revisions include large statistical discrepancies (captured under changes in inventory stocks), particularly on the first release and revisions of deflators. Furthermore, supply-side GDP estimates by type of economic activity are only available at current prices and compilation of volume measures is currently progressing. Volume estimates of expenditure GDP are obtained using annual-chain linking with 2010 as the reference year. The monthly producer price index for total industry has been published, but that for services sector is still under discussion. National accounts imports and exports data are not disaggregated into goods and services. Annual financial balance sheets and transactions by sectors are published on the Eurostat website. However, data on household savings are not available.
Price Statistics: Data on retail and consumer prices are released monthly, usually with a short lag. A harmonized index of consumer prices has been published since May 2004. These data are available through Eurostat and Haver Analytics and via the Internet at the Central Bank of Malta (CBM) and the National Statistical Office (NSO) websites. The monthly producer price index for total industry has been published, but that for services sector is still under discussion. Malta also publishes a quarterly residential Property Price Index and a monthly industrial Producer Price Index with base year 2015.

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