Government of Malta - 2026 Annual Borrowing Plan

On 30 March 2026, the Treasury Department announced that the amount of issuance of Malta Government Stocks (MGS) during 2026 will not exceed €1.9 billion. The funds raised will be principally used to finance the estimated Government deficit of €852 million and the redemption of five MGS issues and the 62+ Malta Government Saving Bond issued in 2021 which, in aggregate, amount to just over €958 million.

The Treasury explained that the conventional fixed rate MGS will be the primary financial instrument used to fund the Government’s borrowing plan. The Treasury is aiming to spread its issuance programme for 2026 over three to four issuances whilst the maturity structure will be a mix of short, medium, and long-term MGS. Full details of the MGS on offer and the respective amounts and maturities will be published one to two weeks prior to each issuance.

Meanwhile, the Treasury also explained that it will continue to hold auctions for treasury bills on a weekly basis, with issuance expected to include a mix of 28-day, 91-day, 182-day, 273-day and 364-day treasury bills.