Illusory budget surplus masks economic peril as debt crisis looms

Long overdue fiscal reforms remain stalled.

IMF advises “urgent action” on delayed reforms to avert debt crisis

A digest of the top news story that dominated headlines yesterday.

President seeks parliamentary approval for pay cuts

A 10 percent cut was proposed for high-earners.

Government announces austerity measures to rein in deficit

The finance ministry has slashed travel budgets, imposed a freeze on appointments, and ordered government offices to close by 2:30pm as it struggles to meet ambitious revenue targets.

Maldives’ currency reserves “dwindling to critical levels”: World Bank

EC requests finance ministry to reconsider pay cuts