Malta: 2019 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for Malta (IMF Country Report No. 19/68)

IMF Country Report 19/68: Malta 2019 Article IV press release, staff report (macro developments, housing, fiscal, financial sector, AML/CFT, external assessment, DSA) and Executive Director statement. Programme content: IIP proceeds in the fiscal accounts (Table 2 memorandum lines: overall balance, structural balance and structural primary balance excluding IIP proceeds, 2016-2024), the authorities' estimate that IIP export receipts were about 1% of GDP a year in 2015-2017 (Annex IV), qualitative mentions of IIP demand, housing and AML risks, and a DSA stress test without IIP revenue. Already in data: 2015-2017 receipts and overall balance excl. IIP for 2016-2018. Added: overall balance excl. IIP projections 2019-2024 and the two structural series 2016-2024 (two new indicators proposed). The p. 20 text table repeats the same structural figures for 2018-2023 (same source, not repeated). The DSA "IIP proceed shock" (debt 33% of GDP at end of projection, 3 points above baseline) is a debt scenario rather than a programme figure and is not recorded; Figure 3 and the Figure 5 stress-test chart have no printed IIP values. The rest of the report (growth, banks, NIIP, labour) is not about the programme.