MMA warns of shortfalls in revenue due to ad hoc policy changes
22 Nov 2014, 1:44 PM
The Maldives Monetary Authority (MMA) has advised against making ad hoc changes to policies outlined in the 2015 state budget that could affect projected revenue and expenditure.
“If policies are changed the budget deficit would increase and become difficult to finance,” the central bank cautioned in its professional opinion (Dhivehi) on the budget, which was made public on Thursday (November 20) after media was excluded from parliament’s budget committee’s meeting with the MMA governor last week.
The MMA recommended ensuring that forecast revenue would be realised in full if policy changes become necessary during the year.
While the budget included a ‘green tax’ for tourists of US$10 per day, Tourism Minister Ahmed Adeeb later announced that the government has decided to lower the rate to US$6 and exempt guest houses.
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