"Although we are seeing slight improvements compared to the August report, we are still quite far off from our target. Due to the pandemic, our expenses are significantly higher than usually, while income from taxes have decreased or been postponed," Gramegna explained after the Chamber session on Monday.
The deficit in the state budget can thereby be linked to the series of fiscal measures that were taken to combat the crisis and keeps businesses afloat. Additionally, the state purchased a A400 military aircraft this year.
Nevertheless, the minister of finance emphasised that the administration will continue to invest and recruit people, a total of 1,000 new employees being envisioned in the next 18 months. For instance, there is a need for secondary school teachers to keep up with the growing population.
Gramegna finally stated that this was not the time to question every little detail, as he believes the Grand Duchy to be well-equipped to handle the crisis.
