A digest of news and opinion from the Maldives.
Ministry of Finance reveals that the Government has utilized MVR 829.7 million for loan repayments. Statistics of the Ministry show that the Government earned almost MVR 11.8 billion till mid-October. It further indicates MVR 21.9 of the earnings were utilized. In 2019, the Government resourced MVR 1 billion within the same period for loan repayments. […]
Governor of Maldives Monetary Authority, Ali Hashim has warned that borrowing foreign funds to finance development projects could negatively impact the exchange rate. Speaking at a Parliamentary Committee hearing for the 2021 state budget, the Governor cautioned against initiating development projects without guaranteeing a funding source to acquire the necessary foreign currency. He expressed his […]
On Wednesday, the Ministry of Finance released a report on the weekly fiscal developments, which revealed that the government’s expenditure stands at MVR 21.7 billion, as of October 29. This figure is nearly two-fold higher than the government revenue figure of MVR 11.3 billion. The bulk of the revenue was generated from taxation, accounting for […]
The proposed government budget for 2021 has been submitted for review to the Parliament yesterday. According to the Ministry of Finance, the proposed 2021 budget has now been submitted, the details of which will be revealed during the Budget Statement delivered by the Minister of Finance, Ibrahim Ameer. To our knowledge, the budget for next […]
Imran Abdulla, Minister of Home Affairs, has stated that jails are now packed by an excess of 340 inmates. The minister was summoned to the Parliament earlier today, and during a line of questioning, revealed that the number of those that are currently in jail is roughly 1700. The full capacity of the correction services […]
State-Owned Enterprises (SOE) Committee of Parliament has concluded that the major spikes in salary and additional allowances of the senior officials of Island Aviation Services (IAS) were against the policies and procedures. Due to various complaints on social media by different individuals pointing towards unacceptable high spikes in salaries of IAS management, the SOE Committee […]
Superintendent Aminath Uigath has participated in the 50th Session of the World Customs Organisation(WCO) Technical Committee on Customs Valuation held virtually from 12th -14th October 2020. The Technical Committee on Customs Valuation is the WCO body responsible for the technical interpretation of the World Trade Organisation Agreement on Customs valuation. The responsibilities of the Technical […]
According to the statistics released by the Ministry of Finance, MVR 84.5 million has been collected as fines since 1st January till 3rd September. The amount of fines collected is 50.3% lower compared to the same period during last year where MVR 170.3 million was collected as fines while the estimated amount for this year […]
The Ministry of Finance has revealed that state debt has risen to MVR 73.9 billion, a six per cent increase compared to the MVR 69.4 billion recorded in the first financial quarter of 2020. The Ministry’s debt management statistics show that external debt, based on Gross Domestic Product (GDP), stood at MVR 37.7 billion, while […]