Government defends plans to sell US$200m worth of sovereign bonds

In the face of criticism from the opposition, the finance ministry said the Maldives’ first ever international sovereign bond issuance would help raise finances for infrastructure projects and develop the country’s financial system and capital market.

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.

Finance minister submits record MVR27bn budget for 2016

While MVR21.5 billion was expected in revenue this year, Finance Minister Abdullla Jihad said the government will only have earned MVR17.7 billion by the end of the year. The forecast deficit was MVR1.3 billion, but the figure is likely to reach MVR3.6 billion or 6.9 percent of GDP.

Government enforces employment freeze as cost-cutting measure

The government has ceased filling vacancies in the civil service in a bid to reduce recurrent expenditure. The cost cutting measures suggest the government was unable to raise the forecast revenue of MVR21.5 billion (US$1.3 billion) for 2015.

Government revenue declines in May

Revenue collection declined in May due to a decrease in tourist arrivals and decline in revenue from Business Profit Tax. The government expenses rose due to spending on recurrent expenses.

Maldives obtains US$20m from Saudi Arabia to manage cash flow

World Bank reiterates concern over unsustainable spending

Parliament approves state budget for 2015 with 60 votes in favour

President Yameen’s anniversary – The economy in review

Parliamentary budget debate concludes

Finance minister presents record MVR24.3 billion state budget to parliament

Finance Minister sends 2015 estimated budget to parliament for approval

Slippages in revenue or expenditure will undermine debt sustainability: MMA macroeconomic report

Tourist arrivals rose six percent in February

Government’s revenue raising bills sent to committee

Tourism industry GDP growth flatlined in 2012, reveals Finance Ministry

Budget of MVR16.4 billion for 2014 submitted to parliament

Government suspends new development projects due to budget constraints

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

Hiking airport service charge to US$30 narrowly rejected at parliament