Deficit


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.
31 Dec 2016, 9:00 AM


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.
25 Sep 2016, 9:00 AM


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.
12 Nov 2015, 9:00 AM


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.
01 Oct 2015, 9:00 AM


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.
02 Jul 2015, 4:32 PM


Maldives obtains US$20m from Saudi Arabia to manage cash flow
12 May 2015, 7:37 PM


World Bank reiterates concern over unsustainable spending
19 Apr 2015, 4:54 PM
Parliament approves state budget for 2015 with 60 votes in favour
10 Dec 2014, 5:00 PM
President Yameen’s anniversary – The economy in review
24 Nov 2014, 2:39 PM
Parliamentary budget debate concludes
19 Nov 2014, 1:02 PM
Finance minister presents record MVR24.3 billion state budget to parliament
04 Nov 2014, 3:03 PM
Finance Minister sends 2015 estimated budget to parliament for approval
02 Nov 2014, 8:07 PM
Slippages in revenue or expenditure will undermine debt sustainability: MMA macroeconomic report
12 May 2014, 5:40 PM
Tourist arrivals rose six percent in February
06 Apr 2014, 3:39 PM
Government’s revenue raising bills sent to committee
26 Jan 2014, 6:06 PM
Tourism industry GDP growth flatlined in 2012, reveals Finance Ministry
04 Nov 2013, 4:30 PM
Budget of MVR16.4 billion for 2014 submitted to parliament
30 Oct 2013, 3:38 PM
Government suspends new development projects due to budget constraints
21 Apr 2013, 6:19 PM
Maldives’ currency reserves “dwindling to critical levels”: World Bank
20 Apr 2013, 7:50 PM
Hiking airport service charge to US$30 narrowly rejected at parliament
16 Apr 2013, 7:01 PM