STQARRIJA TA' L-ONOR. JOSEF BONNICI, MINISTRU GHAS-SERVIZZI EKONOMICI

B'riferenza ghall-istqarrija li ghamel il-Kap ta' l-Oppożizzjoni, Dr. Alfred Sant, dwar iż-żieda fil-prezz taż-żejt u l-allegazzjoni li l-impatt li din iż-żieda kellha f'pajjiżna hija ħtija tal-Gvern għax ma laqax kontriha permezz tal-hedging, ta' min jinnota li

1. Ma hawnx pajjiż li jimporta ż-żejt li ma ntlaqatx miż-żieda fil-prezz ta' dan il-prodott. Jekk il-Partit Laburista jaħseb li pajjiżna jista' jiskappa minn dawn iċ-ċirkustanzi, meta pajjiżi oħra kemm akbar kif ukoll iżgħar ma rnexxielhomx jagħmlu dan, allura tabilħaqq li qed jgħix fis-sħab.

2. L-amministrazzjoni ta' żmien Dr. Sant kienet irresponsabbli għall-aħħar meta daħlet b'għajnejha magħluqa f'arran'amenti dwar hedging fit-tul ma' istituzzjoni finanzjarja. Dawn l-arran'amenti għamluha mpossibbli li bejn Jannar 1998 u Mejju 1999 il-prezz taż-żejt f'Malta jonqos. Grazzi għal dan il-ftehim finanzjarju, l-Enemalta kellha toħro' minn butha 13-il miljun dollaru Amerikan iżjed milli suppost. Dan il-ftehim kellu riżultat wieħed fi żgur – il-ħlas lil terzi persuni ta' mijiet ta' eluf ta' liri f'senserija.

3. Kien biss meta f'Mejju ta' l-1999 li l-OPEC għolliet il-prezz taż-żejt u bis-saħħa t'hekk l-Enemalta kellha ċ-ċans tirkupra mit-telf li kienet sofriet minħabba l-pariri ħżiena li kienu ingħataw biex isiru żew' arran'amenti dwar hedging li ebda pajjiż ieħor ma' issogra jagħmel. '�add f'sensieħ ma hu ser jidħol f'arran'amenti dwar hedging b'sentejn bil-quddiem.

4. Meta ċ-Chairman ta' l-Enemalta ta' qabel dak preżenti ried jagħmel b'sentejn bil-quddiem arran'ament dwar hedging għas-sena 2000, dan mhux biss kien pass irresponsabbli, iżda wkoll kien qed isir b'għajnejn magħluqa u mingħajr ebda bażi xjentifika. Agħar milli tilgħab logħba ta' li tittanta xortik, kienet qed issir biss spekulazzjoni li bl-ebda mod ma' tista' tkun 'ustifikata.

5. Li Dr Sant ji'i issa jgħid li, għalkemm dak iż-żmien kienu ingħataw pariri professjonali kuntrarji, xorta waħda din l-ispekulazzjoni messha saret, turi biċ-ċar il-faqar ta' 'udizzju ta' Dr Sant, li qed jipprova jieħu vanta'' politiku minn 'rajjiet dinjija li huma imprevedibbli u li bl-ebda mod l-effetti tagħhom ma jistgħu ji'u eliminati għal kollox. Tabilħaqq, anke li kieku arran'ament irresponsabbli ta' hedging kellu jsir sentejn bil-quddiem, fl-aħħar mill-aħħar dan kien jintemm u r-realta' kienet tkun trid ti'i iffaċċjata xorta waħda.

6. Ikun aħjar jekk Dr Sant jispjega għaliex kien ippermetta lill-Enemalta tidħol f'arran'amenti ta' dan it-tip, min kien ir-rappreżentant f'Malta ta' l-istituzzjoni finanzjarja barranija involuta u jekk xi uffiċjal għoli fil-Partit Laburista illum huwiex jaħdem ma' kumpanija lokali li kienet involuta fl-arran'amenti dwar hedging. Il-mod illo'iku li bih saru l-arran'amenti dwar hedging fi żmien l-amministrazzjoni Laburista iħalli dubji serji dwar x'kien il-ħsieb veru wara dawn l-arran'amenti. Ta' min jinnota li l-istess istituzzjoni finanzjarja barranija kienet wissiet li dan it-tip ta' hedging fit-tul kien ta' sogru kbir għall-aħħar.

7. Il-poplu mhux ser jinsa li meta l-prezz taż-żejt kien in-nofs ta' dak li hu illum, Dr Sant kien żied bi tlitt darbiet it-tariffi tad-dawl u ta' l-ilma. Barra minn hekk, qabel l-elezzjoni ta' l-1998, Dr Sant kien qal li jekk il-prezz taż-żejt jonqos, kien ser iraħħas it-tariffi. Fil-verita', dan ma setax isir peress li l-prezz taż-żejt ma setax jiċċaqlaq minħabba l-kuntratt dwar hedging. Minbarra dan, li kieku kellna noqgħodu fuq il-wegħda tiegħu, bilfors naslu għall-konklużjoni li, kieku Dr Sant baqa' fil-poter, minħabba ċ-ċirkustanzi ta' llum kien ikollu għal darb'oħra jżid it-tariffi. '�all-kuntrarju, l-amministrazzjoni preżenti żammet il-wegħda elettorali li kienet għamlet u cioe' li tirrevedi billi tnaqqas b'mod sinjifikanti t-tariffi anti-soċjali li kien għamel Sant.

8. Fl-aħħarnett, li Dr Sant issa ji'i jikkritika lill-Gvern preżenti talli ma għamilx dak li għamlu l-Laburisti, jikxef beraħ il-faqar ta' 'udizzju li hemm fit-tmexxija attwali tal-Partit Laburista. Din it-tmexxija qed tirrifjuta li tirra'una bis-sens u li tuża' argumenti b'saħħithom. Minflok tippreferi li tispekula b'mod frenetiku ibbażat fuq ra'unament nofs kedda.

Josef Bonnici

Ministru għas-Servizzi Ekonomiċi

With reference to the statement made by the Leader of the Opposition, Dr. Alfred Sant, with regard to the increase in the price of oil and the claim that the local impact of this is the government's fault for not hedging against it, it should be noted that:

1. No country that is a net oil importer has been left unaffected by the increase in the price of oil. For the Labour Party to think that it is possible to isolate us from such events, when other countries --both big and small -- have not been able to do so, is really to live in fantasyland.

2. It was most irresponsible of Dr Sant's administration to enter blindly into long-term hedging arrangements with a financial institution. These arrangements prevented the cost of oil from falling for Malta from January 1998 to May 1999. Enemalta had to fork out an additional $13 million because of this financial agreement, which had only one sure result, namely the payment of hundreds of thousands of liri in commission to third parties.

3. It was only the price increase engineered by OPEC in May 1999 that pushed up oil prices and allowed Enemalta to recoup the losses it had made through two ill-advised hedging arrangements that no other country has emulated. Nobody in his right mind would go for hedging agreements two years in advance.

4. When the previous chairman of Enemalta wanted to hedge for the year 2000, two years in advance, not only was this most irresponsible but it was being made blindly, without any scientific basis. Worse than playing a game of chance, it was pure speculation that cannot in any way be justified.

5. For Dr Sant to now argue that such speculation should have been entertained, against all the professional advice at the time, shows clearly the poor judgement of Dr Sant, who is now trying to make political gain from world events that are unpredictable and that cannot in any way be permanently neutralised. Indeed, even had an irresponsible hedging arrangement been entered into two years in advance, this would eventually run out and reality would still have to be faced.

6. Dr Sant would do well to explain why he allowed Enemalta to enter into such arrangements, who represented the foreign financial institution in Malta, and whether any senior official of the Labour party now works with the local company involved in the hedging arrangements. The illogical manner of the hedging agreements under Labour leaves grave doubts as to the real intention of these hedging arrangements. It should be noted that the foreign financial institution itself had warned that such long term hedging was extremely risky.

7. The public will recall that when the price of oil was half its present level, Dr Sant increased the water and electricity tariffs threefold. In addition, prior to the 1998 election, Dr Sant had stated that if the price of oil declines, than he would reduce the tariffs. In actual fact, this was impossible since the price of oil had been fixed by the hedging contract. Moreover, based on his promise, it is logical to conclude, in the case of the current oil price increase, that he would have increased the tariffs again had he remained in office. In contrast, this administration has delivered on its electoral promise to revise downwards significantly the anti-social Sant tariffs.

8. Finally, for Dr Sant to now criticise the present government for not doing what Labour did is clearly to expose the poor judgement of the current leadership of the Labour Party that refuses to see reason and use solid arguments and instead prefers wild speculation based on half-baked reasoning.

Josef Bonnici

Minister for Economic Services