Finance Ministry

Deficit of MVR422 mn reported in 2018 first half

The report shows MVR11 billion was spent while MVR10.6 billion was earned by the state.

Maldives to get US$12 million World Bank package

The package will improve the efficiency of public services and finances, says the World Bank.

Finance ministry under fire for party funding delay

The Political Parties Act mandates the issue of state funds to parties with members over 10,000 within the first three months of the year.

Finance ministry defends Ramadan bonus policy

The finance ministry has defended the government’s policy on issuing the annual Ramadan bonus for civil servants after media reports focused on the exclusion of employees on paid and non-paid leave.

Police officers await January’s wages amid dispute over hike in allowances

Police officers have yet to receive January’s wages after the finance ministry refused to pay higher allowances, prompting more than 200 officers to seek interest-free loans offered by the police welfare company.

Government offers sovereign guarantee for businesses

According to new regulations enacted by the finance ministry last week, sovereign guarantees will only be offered for loans taken with an interest rate below four percent to finance tourism-related projects, social housing projects that meet the government’s criteria, and high-priority development projects.

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.

Nasheed ordered to repay ‘misused’ money

Nasheed and six senior officials of his administration have been ordered to repay government funds they had “misused,” the finance ministry has said

Finance ministry prepares for administrative overhaul after strike

The ministry of finance and treasury is preparing for an administrative overhaul after President Abdulla Yameen reconstituted its functions in the aftermath of a strike by hundreds of civil servants who were protesting mass job cuts.

Yameen condemned for threats against civil servants

President Abdulla Yameen’s threats against striking civil servants has enraged human rights advocates and opposition parties, with some describing the warning as high-handed and yet another example of a deepening crackdown on civil rights.

Finance Ministry staff stage strike over job cuts: “We have families to take care of, bills and rent to pay”

Hundreds of civil servants at the finance ministry are on strike over mass job cuts. The historic strike – only the second by civil servants in recent history – comes after President Abdulla Yameen insisted on the dismissals, arguing the Maldivian civil service is overstaffed.

Government flip-flops on firing 70 top finance ministry staff

The government was scrambling to clarify its position on firing more than 70 senior staff at the finance ministry when Permanent Secretary Ismail Ali Manik, the finance ministry’s top civil servant, tendered his resignation.

To cut costs, government halts spending on development

The finance ministry has put a halt to spending on development projects in a bid to reign in a ballooning budget deficit. The ministry has also imposed a hiring freeze, restricted overtime pay, and ordered offices to stop domestic and international travel. Offices are to be closed by 2:30pm at the latest.

Plastic palms placed on Malé streets in rush to prepare for independence day

Plastic palm trees have been placed on Malé’s streets and several areas at Male’s waterfront have been closed off as the government rushes to complete major renovation projects including a new official jetty and a musical water fountain at the Republic Square before July 26.

ACC spent MVR3 million in excess of approved budget, reveals audit

Are efforts to keep Malé City clean going to waste?

President appoints deputy minister of finance and treasury

Government owed over MVR250 million in unpaid dividends, audit reveals

President ratifies revisions to tourism and tax legislation