Upon taking office in 1998, Fenech Adami began to reimplement his former policies and reappoint many of his former cabinet ministers. He is expected to pursue a policy favorable to the private sector. This included promotion of tourism, foreign investment, deregulation, privatization, and a lessening of excise and indirect taxes. In addition, he pledged to continue to fight corruption and further improve the nation's infrastructure. Fenech Adami's goal was to transform his country into the financial center of the Mediterranean.
In 2001, the Fenech Adami government established the Malta Council for Economic and Social Development to strengthen relations between trade unions, employers, and the government.