President Dr. Mohamed Muizzu has said that there will be an increase of USD 100 million (MVR 1.5 billion) in national revenue within the next 45 days.
While giving this year's Presidential Address at Parliament, President Muizzu said that this amount is outside of the estimated revenue for this year. He stated that it is "non-tax" revenue and that the government has complete assurance that they will be receiving the said amount. However, the President did not describe to how the money is coming about.
An estimated MVR 40.5 billion will be received by the state this year in revenue and free aid. This is a 6.6 percent increase from last year. An estimated MVR 31 billion will be in tax from the MVR 40.5 billion, along with an estimated MVR 8.7 billion in non-tax revenue.
The largest sum in the form of non-tax revenue will be from resort rent and the airport development fee.
"Along with the estimated revenue for this year, USD 100 million in non-tax revenue has been assured, with this set to be deposited within 45 days," said President Muizzu.
The President said that they are currently prioritizing SDF funds in order to pay outstanding debts.
"Credit rating agencies are also highlighting the positive turn in the SDF's Dollar liquidity after the current government took office," said the President.
President Muizzu stated that with the USD deposit amount for the SDF having increased, the priority is for it to be made into a fund where it will be easier for the payment of outstanding debts. He also stated that priority will be given to increase the size of the fund itself and make arrangements where the state would not have to take on such huge debts in the future.
