Malta, Russian invasion of Ukraine will cost 200 million economically
VALLETTA (MALTA) (ITALPRESS/MNA) – The Maltese government is estimating that Malta will suffer an economic loss of 200 million as a result of the Russian invasion of Ukraine.
Maltese Finance Minsiter Clyde Caruana declared his worries during a debate organised by the Malta Chamber of Commerce. “I am more worried about the war, than I was worried about COVID-19, in economic terms. This is not just a war with bombs, but it is an economic war and its impact will not be small,” Caruana explained. However he added that the Maltese government put aside funds to buffer this economic shock.
Maltese Prime Minister Robert Abela pledged to guarantee stable prices in gas, fuel and energy for the foreseeable future.
Altough Abela said that Malta was facing a problem to source LPG used in households as a result of the Russian invasion of Ukraine, Liquigas Malta said that it has secured supplies of LPG to meet the demand in Malta for the foreseeable future, thanks to the support of SHV Energy, a Dutch company shareholder of Liquigas Malta.
As the Ukraine crises deepens, the Opposition Leader Bernard Grech is proposing a temporarily fix of the price of bread.
Both Russia and Ukraine are among the world’s top five wheat exporters and a prolonged war will lead to shortages and steep increases in the price of basic foods such as bread and pasta.