马耳他：2025年第四条磋商新闻稿；员工报告（英）

2025ARTICLE IV CONSULTATION—PRESS RELEASEANDSTAFF REPORT Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2025Article IV consultation withMalta, the following documents have been released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsFebruary 4, 2026consideration of the staff report that concluded the Article IVconsultation withMalta. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onFebruary 4,2026following discussions that ended onDecember 15,2025with the officials ofMaltaon economic developments and policies. Based oninformation available at the time of these discussions, the staff report was completedonJanuary 20, 2026. •AnInformational Annexprepared by the IMFstaff. The documents listed below have been or will be separately released. Selected Issues TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Concludes 2025 Article IV Consultationwith Malta FOR IMMEDIATE RELEASE •Malta’s robust economic performance has continued despite global uncertainties,maintaining growth rates that exceed the EU average, inflation levels near the ECB target,and a sustainable public debt.•Growth is expected to slow to its potential rate of 4 percent due to structural challenges aslabor-led expansion, supported by immigration, moderates, and gaming and tourismsectors reach saturation.•Policy priorities focus on further strengthening fiscal buffers for future shocks whilecreating room for investment in infrastructure, human capital, and innovation. Long-termgrowth will depend on reforms that boost productivity and address structural challenges. Washington, DC – February 6, 2026:On February 4,2026,the Executive Board of theInternational Monetary Fund (IMF) completed the Article IV Consultation for Malta.1Malta’seconomy has maintained robust momentum, with annual growth averaging nearly 7 percentover the past decade led by tourism, online gaming, and professional services alongsidesignificant inflows of foreign workers. GDP growth is estimated to have slowed to 3.9 percentin 2025, which is still considerably higher than the EU average. The influx of foreign workersthat fueled economic activity in the past has also strained infrastructure and public services,highlighting the limits of the current labor-intensive growth model. This labor-driven growth isexpected to continue in the medium term, but slow in longer term since Malta cannot sustain acontinued population increase. Inflation declined to slightly above 2 percent while fiscalconsolidation has kept public debt on sustainable path. The financial sector remains soundand well-capitalized. Executive Board Assessment2 Executive Directors commended the authorities’ sound macroeconomic management withMalta enjoying one of the highest growth rates in Europe over the past decade, and publicdebt on a sustainable trajectory. Noting that risks are tilted to the downside and Malta’slabor‑intensive growth model appears to be approaching its limits, Directors emphasized the importance of transitioning toward a more productivity-driven growth path, while preservingmacroeconomic stability. Directors welcomed the narrowing fiscal deficit and the authorities’ commitment to the EUfiscal framework. They agreed that fiscal consolidation efforts should be sustained to maintainpublic debt at current levels and create fiscal space for investments in human capital,infrastructure, and innovation. Directors also saw scope to enhance revenue mobilization,including through continued digitalization of tax systems, and improvements in VATadministration and corporate taxation. Strengthening public financial and investmentmanagement remain important. Recognizing the authorities’ social objectives, Directorsrecommended gradually phasing out untargeted electricity and fuel subsidies while protectingvulnerable groups. Directors welcomed the strength of the banking sector citing high capital and liquidity buffersand low non-performing loans. They urged vigilance on vulnerabilities from rising exposures toreal estate and on the growing role of non-bank financial institutions, digital finance andcrypto-asset providers. Directors welcomed the planned expansion of macroprudentialmeasures and encouraged continued strengthening of financial sector supervision, dataavailability, and stress‑testing. Noting the progress made, they encouraged the authorities tosusta