True in nominal terms (€11.4bn record). Debt-to-GDP at 46.4% is NOT a record — well below EU 60% threshold.
Full analysis
The claim in context
On 22 April 2026, the Nationalist Party highlighted that government debt had reached a record €11.4 billion at end-2025 — framing this as evidence of fiscal mismanagement.
Two ways to look at debt
The nominal figure is correct. NSO data confirms general government debt at €11.4 billion at end-2025, an €776 million increase from a year earlier — a record absolute level. But the more meaningful measure for fiscal sustainability is debt as a share of GDP:
At 46.4% of GDP, Malta sits well below the EU's 60% Maastricht reference value and well below its own historical peak around 75%. As a percentage of the economy, the debt is not at a record high — it is materially lower than a decade ago, despite the larger nominal stock.
Bottom line
True on the absolute number. Misleading on the more meaningful ratio. The PN's framing is technically accurate but obscures the more relevant metric. Verdict: Mostly True with the GDP context surfaced.
Sources
- Malta Independent — PN says debt hits record €11.4bn in 2025 www.independent.com.mt
- Newsbook — Malta’s national debt climbs to €11.4 billion newsbook.com.mt