Finance Minister Abdulla Jihad

Abu Dhabi pledges US$40m loan for Maldives airport project

The Abu Dhabi Fund for Development has pledged a US$40million loan to develop the Maldives’ main airport, the finance ministry has said. The government is also in talks with the IDB to obtain an additional US$110million loan for the project.

Funding call as Addu struggles with flood recovery

Some MVR3million (US$194,550) is required to help more than 300 households in southern Addu City recover from flood damage, but only MVR200,00 (US$12,970) has been raised so far, the city council has said.

Population consolidation keystone of 2016 state budget

As the dispersion of the Maldivian people in 188 islands is an obstacle to economic development, Jihad said the government’s population consolidation policy is to settle 70 percent of the population to Hulhumalé.

MPs grill ministers over ‘unrealistic’ revenue targets

MPs on the parliament’s budget review committee questioned ministers today about targets in the 2016 budget after revenue this year fell far short of forecasts.

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.

Banks will lower interest rates, says finance minister

Commercial banks in the Maldives have agreed to lower interest rates on loans after the central bank slashed interest rates for the sale of treasury bills (T-bills) with effect from October 28, Finance Minister Abdulla Jihad has said.

Parliamentary rules changed to expedite budget approval

With Chinese grants and loans Malé-Hulhulé bridge inches closer to reality

The Malé-Hulhumalé bridge will cost an estimated US$300 million, finance minister Abdulla Jihad revealed today. In addition to US$100 million in grant aid, the Chinese government will also provide a US$170 million loan at a two percent interest rate.

Maldives secures US$50m loan for water and waste projects

Government proposes import duty hike for oil, staple foodstuffs

Government submits revenue raising bills to parliament

MPs quiz finance minister about revenue raising measures

Public debt to reach MVR31 billion by end of 2014, reveals finance minister

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

Government to freeze hiring in 2015

Government expenditure rose 58 percent in June, reveals MMA

Finance minister fears spiralling deficit will leave civil servants without pay

Court overrules government on lagoon development joint venture

Government pays GMR US$ 4 million in arbitration fees

Government owed over MVR250 million in unpaid dividends, audit reveals