President Muizzu decides to implement policy on cost reduction, revenue growth

President Dr. Mohamed Muizzu chairs a cabinet meeting. (Photo/President's Office)

President Dr. Mohamed Muizzu, on Monday, has made the decision to implement a policy focused on cost reduction, revenue growth, and a medium-term revenue strategy.

The decision was made at the recommendation of his cabinet following deliberations on a paper submitted by Finance Ministry at the latest cabinet meeting.

According to the President’s Office, the President also assigned a Cabinet sub-committee to oversee and facilitate efforts aimed at diversifying the Maldivian economy and exploring avenues for revenue growth in addition to the implementation of the policy.

The financial state of the Maldives has been of great concern to government officials, opposition and international financial institutions. Deputy Parliament Speaker, Dhiggaru MP Ahmed Nazim has called on the government to disclose the exact state of the country’s finances.

However, Monday’s meeting of the Parliament’s Public Accounts Committee to clarify information from the government regarding the exact state of the country’s finances was held behind closed doors.

The World Bank, expressing concern over Maldives’ high debt burden, has called on the government to implement urgent fiscal reforms to sustain the economy.