The € 100 vouchers prove to be a successful economic regeneration program


[ad_1]

More than 33 million euros were spent on government COVID vouchers, with the average spending on the vouchers being 1.37 million euros on weekends and 1.22 million euros between Monday and Thursday .

The program, launched by Economy Minister Silvio Schembri and Prime Minister Robert Abela, resulted in a direct economic injection of 2.6 million euros per week.

MIMCOL data shows that as of September 5, 74% of vouchers had been redeemed, an injection of not only money into the economy but renewed confidence among retailers, food establishments, business owners and consumers.

Malta is now recognized as one of the leading countries in the European Union with the best and fastest post-COVID recoveries, with Prime Minister Abela being adamant in his prediction for a second deployment of coupons that could repeat success of last year with the same positive effect on the economy. Thanks to a highly effective vaccination rollout that has placed Malta as the world leader in vaccination, this year bodes even better for the € 100 voucher program – a total injection of € 50 million.

Fortune favors the bold, with data showing that the voucher system has finally reaped the desired fruits: domestically, it has generated strong economic activity that has been the backbone of national regeneration.

With the public mobilized to participate directly in the regeneration of the economy, the plan to protect businesses and save jobs is now continuing in a stable manner with only one month before the end of October to redeem all the remaining vouchers.

The Chamber of Commerce, Enterprise and Industry was among the first to host the second round of vouchers, stating that these were launched at a very critical time for businesses, especially those operating in the sector. tourism. The Chamber of SMEs also welcomed the renewed program, saying the government had taken into account its proposal for a more equitable distribution of the distribution of vouchers between sectors and that the government was extending a valuable safety net for businesses.

“The results of the tough decisions we have had to make in the most difficult times are happening,” said Economy Minister Silvio Schembri, noting the praise from participating companies, as consumer confidence and increased power purchase could be felt in Malta and Gozo.

Data from the summer in Gozo shows that through September, more than 2.4 million euros were spent on vouchers, boosting the operations of hotels, restaurants and other stores during the pandemic.

In July and August, nearly one million people crossed the Channel via the Gozo Canal ferry service, while from Friday September 3 to Wednesday September 8, more than 98,000 people crossed the Channel via the same service. .

Efficiency in the use of digital vouchers led to a positive response from young consumers who downloaded the digital version: only a small portion of the nearly 120,000 consumers who downloaded their vouchers.

The positive response from industry and retail to incorporated bodies shows the return of consumer confidence and the importance of vouchers in generating a multiplier effect – some companies have added more monetary value to purchases made with them using the total value of the vouchers.

Certainly, this economic regeneration program has proven to be innovative and effective in channeling funds to help businesses hit hard by the pandemic and encourage people to get back to normalcy, encouraging the public to spend their disposable income on their businesses. choice.

The regeneration program has been positive, especially considering the spillover effects created by the additional spending associated with the use of vouchers, almost on a euro-for-euro basis. Indeed, it remains a valuable tool to stimulate the economy and restore confidence in spending, which was so necessary at a time when tourist numbers have yet to pick up.

[ad_2]

Leave a Reply

Your email address will not be published.